Informal Board Meeting on the Selection of the Managing Director
Statement by Mr. Santos, February 29, 2000

Mr. Chairman,

I have the honor, on behalf of European Union member states, to nominate Mr. Caio Koch-Weser, currently State Secretary at the Ministry of Finance of Germany, for the post of Managing Director of the IMF, to be filled following the resignation of Mr. Camdessus.

I should like to suggest that you ask Mr. Esdar to say a few words on the candidate.

Informal Board Meeting on the Selection of the Managing Director
Statement by Mr. Esdar, Executive Director, February 29, 2000

Mr. Chairman, dear Colleagues,

My authorities thank the Member States of the European Union for their support in nominating Mr. Koch-Weser as the joint EU-candidate.

Caio Koch-Weser is highly qualified to guide the International Monetary Fund for the years ahead given his broad high level of international experience.

Born and raised in Brazil, Caio Koch-Weser studied economics in Germany and worked in the US as well as now in Germany. His illustrious career during more than 25 years in the World Bank led him from being a junior economist to the position of Managing Director, a level just below the President. He gained a wide range of experience in key strategic areas and all regions of the world, and worked in close cooperation with the Fund: In the early 80s, he advised the Chinese government on China's integration into the world economy and economic reform. As Director for West Africa, he worked closely with African member countries in fighting poverty and laying the basis for sustainable development. He managed annual refinancing as well as liquid assets of the World Bank in his position as Deputy Treasurer. As Vice President for Middle East and North Africa he played a central role in developing, negotiating and implementing the economic reconstruction program for Palestine, in close cooperation with the Palestinian leadership and Israel's leadership and cabinet. He also chaired the Group of donors for Palestine. From 1996 to 1999 he was Managing Director Operations of the World Bank and chaired the World Bank's Policy Committee. During the Latin America-, Asia- and Russia-crises he played a central role in formulating and negotiating the World Bank's response to the crises. His name is well known and respected by political leaders and economic reformers around the world.

As Germany's Deputy Minister of Finance since early 1999 he is in particular responsible for international monetary and financial issues such as the reform of the international financial architecture and for European monetary and financial affairs as well as European economic integration. He is also in charge of domestic banking supervision and reform. During the German EU and G7 presidencies, he was pivotal in strengthening and deepening the HIPC-Initative as eventually agreed in Cologne, a milestone in fighting poverty.

Caio Koch-Weser has thus proven his ability to effectively lead and manage national and international institutions. He is valued by leading political personalities as a competent adviser and strong negotiating partner. My authorities and all the other governments of the European Union are convinced that Mr. Koch-Weser based on his indeed global professional experience is the right choice to become the next Managing Director of the International Monetary Fund, in line with the very high standards set by his predecessors.

Caio Kai Koch-Weser

Since May 1999
Germany's Deputy Minister of Finance

Managing Director Operations of the World Bank with responsibility for seven vice-presidencies

World Bank's Regional Vice President for the Middle East and North Africa

Several positions in the World Bank (Deputy Treasurer, Director for West Africa, Division Chief for China)

Mr. Koch-Weser originally joined the World Bank in 1973 and soon came to serve for three years as the personal assistant to World Bank President, Mr. Robert S. McNamara. Mr. Koch-Weser was born in 1944 to a German émigré family in Rolandia, Brazil, where he grew up. He went on to study economics in Germany and is married to Maritta R. von Bieberstein Koch-Weser (presently Director General of The World Conservation Union - IUCN). They have three children. Mr. Koch-Weser speaks six languages (German, English, French, Spanish, Portuguese, and Chinese).


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