The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Wayne Swan

Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

25 June 2011

NO.072

Joint Media Release with
The Hon Jim Flaherty MP
Minister of Finance
Canada

Selection of the Managing Director of the IMF

It is important that the new IMF Managing Director be selected in an open and transparent process with the candidate chosen on the basis of merit and not nationality.

This is consistent with the G-20's commitments to reform our international financial institutions and is reflected in recent progress at giving greater representation in the IMF to emerging and developing economies.

The international community is well served with two highly credible candidates for the position. It is essential for the legitimacy of the IMF that we have candidates of the calibre of Christine Lagarde and Agustín Carstens.

Agustín Carstens' previous experience in the IMF, combined with his background as Finance Minister of Mexico and his current position as Governor of the Mexican central bank, equip him very well to understand and address, on a collaborative and inclusive basis with IMF member countries, the challenges faced by the global economy. Accordingly, after due consideration of the candidates and the IMF selection criteria, we have decided to support him for the position of IMF Managing Director.

We look forward to the decision of the IMF Executive Board, whether it be in favour of Mr. Carstens or Ms. Lagarde, and to working closely with the next Managing Director to build a strong and sustainable global economy.

25 June 2011