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India’s IMF director hits method for naming chief

WASHINGTON, May 19, 2011 (AFP) - India's IMF director on Thursday said the institution needs to revamp how it chooses it managing director, after decades of as "consensus" that let Europeans monopolize the top position.
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Hours after the resignation of International Monetary Fund chief Dominique Strauss-Kahn of France to fight sexual assault charges in New York, Arvind Virmani said the IMF board needs to openly elect the head rather than choose via back-room negotiations.

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"The credibility of a candidate depends on the credibility of the process," he told AFP.

"There are a lot of people who feel that the process has not been credible...

that certain countries, certain nationalities were virtually pre-selected."

Virmani stressed that it was his own view, and not that of the countries he represents on the 24-member executive board -- India, Sri Lanka, Bangladesh and Bhutan.

But in the past two days there have been numerous calls from emerging economies for a more open process and an IMF chief from the developing world.

"The era is over in which it may have been even remotely appropriate to reserve that important post for a European national," Brazilian Finance Minister Guido Mantega said.

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The IMF's e
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