IMF, World Bank Review Selection Process of Managing Director, President and Release Draft Joint Report

The following is the Chairman's Summing Up of the April 26, 2001 discussion by the Executive Board concerning the Draft Joint Report of the Bank Working Group to Review the Process for Selection of the President and the Fund Working Group to Review the Process for Selection of the Managing Director:

" The Executive Board considered the Draft Joint Report of the Bank Working Group to Review the Process for Selection of the President and the Fund Working Group to Review the Process for Selection of the Managing Director. Executive Directors shared the importance of the objective of a more transparent and open selection process and endorsed the Report as guidance for future selection processes. This endorsement does not constitute a formal decision of the Executive Board adopting the specific recommendations in the Report.

" The Executive Board further agreed to transmit this Draft Report to the International Monetary and Finance Committee (IMFC) for its meeting on April 29, 2001. The Executive Board further agreed that strict parallelism with the Bank should be observed.

" The Report will be made publicly available during the Spring 2001 meetings."

The Fund Working Group was chaired by Mr. Yukio Yoshimura, Executive Director for Japan. Other Executive Directors who were members of the Working Group were Mr. Thomas Bernes (Canada), Mr. Michael Callaghan (Australia), Mr. Bernd Esdar (Germany), Mr. Aleksei Mozhin (Russia), Mr. Hernan Oyarzabal (Venezuela), Mr. Cyrus Rustomjee (South Africa), and Mr. Shakour Shaalan (Egypt).

A copy of the Draft Joint Report is being posted on the IMF website - www.imf.org