Brazil Wants a Developing Country Heading the IMF

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IMF headquarters in the US Reflecting its increased importance as en emerging country, Brazil is expected to push very hard to have more say in the International Monetary Fund. To support that greater influence Brazil has pledged to advance up to US$ 4.5 billion to the multilateral organization.

"The fact you become a potential creditor makes your voice stronger." according to Claudio Loser, head of the IMF Western Hemisphere Department from 1994 to 2002.

In an interview with a US agency Loser said "Brazil has been pushing very hard, together with countries such as India, China and Mexico, for the fund to better reflect the importance of emerging economies."

Finance ministers and central bank governors from the IMF 185 member-nations will meet this week in Washington to carry out recommendations by the Group of 20 to increase lending as the global crisis deepens.

Brazil, which owed the IMF US$ 33.9 billion just five years ago, was included this month in a list of 47 countries that are ready to support the IMF.

President Luiz Inácio Lula da Silva's administration is carrying out a "deliberate" effort to increase its influence, including the country's goals is to push for the IMF first managing director from a developing nation, said Loser.

"Isn't it chic that Brazil is lending money to the IMF," Lula said on April 2.

The IMF has been headed by Europeans since it was created after the end of World War II. In 63 years, four Frenchmen, two Swedes, a Dutchman, a Spaniard, a German and a Belgian have been elected as managing director of the institution originally founded to ensure exchange rate stability.

"The Europeans will fight like a mad dog to keep the job," Loser said. "But today I can see a non-European winning the position easily".

Mercopress

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