Mexican central banker pitching for IMF job

Mexican Central Bank Governor Agustin Carstens said Wednesday he hopes the executive board of the International Monetary Fund (IMF) will accept a Latin American as its new leader.

Carstens was in Brazil making his pitch for the post of IMF managing director to Brazilian Finance Minister Guido Mantega, who described the Mexican official's candidacy as a break with the long-held tradition that a European head the organisation.

Just two days ago, Mantega met with French Finance Minister Christine Lagarde, the only other declared candidate and the favourite to take the job.

"Latin America must have a bigger presence and voice in the IMF," Carstens told reporters after the meeting. "This is why I am asking the members to have an open mind and accept a Latin American candidate."

Carstens and Lagarde want to replace former Managing Director Dominique Strauss-Kahn, who quit May 18 after he was accused of sexually attacking a New York hotel maid. He has denied the allegations.

"It would be a major step forward if the IMF's next managing director is elected according to his merits, not his nationality," said Mantega, who has not endorsed either candidate. "This is what we are defending."

Carstens said the IMF must be reformed to give developing countries a greater say in its decision-making process, currently dominated by major industrialised nations.

While in Brazil, Lagarde also said she favoured giving developing nations more of a voice in the IMF's operations.

Mantega said the IMF's next managing director must have experience in dealing with the world economy. Carstens, who between 2000 and 2003 served as the IMF's deputy managing director, has that experience, Mantega said.

Since the global financial crisis began in 2008, Mantega and other leaders from developing nations have fought for reforms in the IMF, World Bank and other multilateral institutions that would take into account the growth of emerging nations such as Brazil, China and India.

The next IMF leader will be elected June 30 by the agency's 24-member executive board, whose officials represent the 187 IMF member countries.

- AP