A week

Number 010 from 03/14/2000
Strip 015

Russia votes for the IMF

This week the IMF may finally choose its new chief executive to replace the resigning Michel Camdessus. So far, the United States and Western Europe have not agreed on a candidate for this post. In this situation, Russia's opinion will be important for both Europeans and Americans.

The previous contender, the German Caio Koch-Weser, did not like the United States, did not get the required 50% of votes at the vote on the IMF board of directors and refused to continue the fight. Russia didn’t really like him either—in any case, she abstained from voting. And the 3% of votes that Russia has as a shareholder of the IMF would help Koch-Weser a lot. Now the United States demands that Western Europe nominate some candidate who will suit everyone - Americans, Europeans, and developing countries. Germany made a second attempt and proposed its former deputy finance minister, now the head of the EBRD, Horst Keller. He did not arouse much enthusiasm - only France and Portugal immediately supported him. However, there were no open objections from the United States. Mikhail Kasyanov cautiously stated that Russia is not indifferent to who will head the IMF, and it continues consultations with other shareholders of the fund.
Things have come to the point that Russia can extract significant concessions from the new head of the IMF for its support in the elections. Moreover, Russian support is becoming very important for Europeans and Americans. The Europeans are very afraid that someone from developing countries will be against their candidate and the US will fail him again. The US can ensure the victory of any candidate, but wants him to be chosen unanimously (everyone must show that they approve of the American position). So there was room for bargaining. We just need to remember that the United States is now fighting to prevent the IMF from giving long-term loans. And the fund’s favorable attitude will not bring much money to Russia in any case.

Magazine "Kommersant Power" No. 10 dated March 14, 2000, p. 15

Themes:

IMF activities