International Monetary Fund.

Thursday, 6 May 2004

Questions (34, 35)

Ciarán Cuffe

Question:

27 Mr. Cuffe asked the Minister for Finance the reasons the Government supported the recent selection of a new managing director for the International Monetary Fund. [12956/04]

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42 Aengus Ó Snodaigh asked the Minister for Finance the procedure whereby he nominated Rodrigo Rato for the vacancy of managing director of the International Monetary Fund; and if he will make a statement on the matter. [12998/04]

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Written answers

Minister for Finance (Mr. McCreevy)

I propose to take Questions Nos. 27 and 42 together.

The representative of Ireland at the International Monetary Fund made the formal nomination of Senor Rato on behalf of the European Union. Following community wide consultation, the EU member states had decided that Senor Rodrigo Rato, the former Minister for Finance in Spain, would be the nomination of the European Union for the post of managing director of the IMF. I supported the nomination of Mr. Rato. Mr. Rato was also supported publicly by a number of non EU states, particularly from Latin America. The appointment of the managing director of the IMF is a matter for the board of the IMF. Yesterday, Senor Rodrigo Rato was formally appointed as managing director of the International Fund for a period of five years.