This chair would like to announce its withdrawal of the nomination of Dr. Sakakibara as a candidate for Managing Director of the International Monetary Fund. I will clarify Japan's position by quoting the statement made by Japanese Finance Minister Kiichi Miyazawa regarding this withdrawal decision.
"Regarding selection of a new Managing Director of the International Monetary Fund, Japanese nominee, Dr. Sakakibara has received support from many countries including those in Asia, but came the third at the recent informal poll. Now we are faced with the new nomination of Mr. Horst Köhler, President of European Bank for Reconstruction and Development. Reflecting this new development, Japan has decided to withdraw its nomination of Dr. Sakakibara with the expectation that Mr. Köhler can exercise strong leadership in the Fund based upon an international consensus.
The nomination of Dr. Sakakibara reflected Japan's position that the IMF, as a truly global financial institution, should determine its Managing Director based on a candidate's ability to lead this institution in the right direction and not based on his/her country of origin. I send my sincere appreciation to the countries that expressed their support for Dr. Sakakibara.
I would like to use this opportunity to make it clear that Japan believes the following elements are essential in reviewing the role of the IMF;
(i) The IMF should be reformed so as to reflect the reality of the new global economy. Greater attention should be paid to large-scale and abrupt capital movements in conducting its surveillance and formulating its programs.
(ii) in the context of reforming the IMF, the distribution of quotas should be reviewed in order to better reflect changes in the global economy.
In running for the post of Managing Director, Dr. Sakakibara has received support from a number of countries in various regions. While our authorities in Tokyo extend their appreciation to all these countries, this chair would like to thank all the countries that have supported our candidate on this occasion. Also, this chair would like to thank the Dean of the Board for his courteous manner in treating our nomination of Dr. Sakakibara.
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