Crises prevention: new IMF boss’ objective

Staff Writer

NEW International Monetary Fund (IMF) boss Rodrigo Rato says he sees the prevention of crises as his main objective.

We have certain tools for that,” he said in a recent interview published on the IMF website. “Surveillance is one. And our programmes are the other.

Overall the work of this institution has been very good for the world economy and for countries in particular.”

He said if one looked at most of the countries that had problems in recent years and had an IMF-supported adjustment programme, they would find that most of them were clearly in a much better position today.

He said this was achieved through a collaborative effort – a product of citizens who had made important efforts, governments that had set out sound economic policies and institutions such as the IMF that had helped these countries.

On May 4 the IMF’s executive board selected Rato, a national of Spain, to serve as managing director and chair its board.

With this selection, made on a consensus basis, Rato (55) will serve as the ninth managing director to head the institution in its 60-year history.

Rato succeeded Horst Kohler, who resigned on March 4 to accept a nomination as candidate for the German presidency. He has since been voted in as German president. Rato is the first Spanish national to serve as managing director.