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House of Lords written question – answered on 8th June 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether they support the conclusion of the Pittsburgh G20 meeting that the head of the International Monetary Fund "should be appointed by an open, transparent and merit-based process"; how this will be evidenced in the current appointment process; and whether any United Kingdom candidates qualify for support under this process and criteria.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The UK continues to support the G20 commitment to open, transparent and merit-based selection of the heads and senior leadership of international financial institutions, including the International Monetary Fund (IMF).

On 20 May, the IMF executive board set out a selection process to appoint the fund's next managing director:

The international community needs a strong IMF as an anchor of global economic stability and prosperity. That is why the UK believes it is important to support the strongest candidate for the next managing director, irrespective of nationality. On the basis of merit, the UK believes that Christine Lagarde is the outstanding candidate. She has shown real international leadership as chair of the G20 Finance Ministers this year and has been a strong advocate for countries tackling high budget deficits and living within their means.

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