IMF position: DA supports Manuel for top IMF job

The Democratic Alliance (DA) will support Trevor Manuel in his candidacy for the head of the International Monetary Fund (IMF), should he decide to stand for the position. It is time that the IMF started to reflect the leading role that developing economies play on the global stage.

As IMF chief, Minister Manuel would be well-suited to be at the forefront of a changing global economic dynamic, ensuring that the needs of the developing world are at the top of the agenda.

Minister Manuel has served South Africa in numerous capacities with distinction, most notably as the former Minister of Finance and the current minister with responsibility for the National Planning Commission in the Presidency.

As the minister of finance, Mr Manuel oversaw the expansion of the South African economy and became a trusted figure in financial circles, both domestic and international.

As the minister overseeing national planning, he has had the responsibility of overseeing our economic strategy for the coming decades, and has ensured that all stakeholders have been included in crafting a vision for an expanding economy.

Minister Manuel has also had experience working within the IMF itself. In 2008, he led an IMF committee tasked with investigating and improving the organisation's decision-making policy.

The global economy has changed. When the IMF was constituted in 1945 to oversee the global financial system, the major players were all but limited to Europe and the United States of America. Historically, the job of IMF managing director has always gone to a European.

In 2011, the global economy looks very different. The developing countries of the G77 are responsible for the majority of the world's growth, led by the BRICS countries, namely Brazil, Russia, India, China and South Africa. It is only fitting that a candidate from one of those countries assumes the top position at the IMF in 2011.

This would be in keeping with the IMF's 2010 decision to recognise the voices of the developing world more in the wake of the world financial crisis in the last decade.

There can be no greater demonstration of a shift in priorities than a developing-world candidate for managing director.

Statement issued by Dr Dion George MP, DA Shadow Minister of Finance, May 26 2011

Click here to sign up to receive our free daily headline email newsletter