S.African calls for transparency in IMF chief selection

(Reuters) - The European Union moved fast on Friday to maintain its grasp on the leadership of the International Monetary Fund following a surprise resignation announcement by the IMF's Spanish chief, Rodrigo Rato.

The top IMF post has been Europe's since the institution was created after World War Two, with the top job at the World Bank, its sister organisation, going to an American in a carve-up that reflected the economic pecking order of an era now fading.


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Calls for IMF to consider non-European to replace Rato

(Reuters) - The surprise resignation of the head of the International Monetary Fund immediately prompted calls for the job search for his replacement to reach beyond Europe -- which has provided all the IMF's leaders.

The top IMF job has always gone to Europeans since the IMF's inception in 1945. Similarly, the World Bank is typically headed by an American, shutting out Japan and developing countries.


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UPDATE 1-Zoellick unanimously approved as World Bank chief

(Reuters) - WASHINGTON, June 25 - The World Bank on Monday
unanimously approved Robert Zoellick as its president after a
controversial two-year term by Paul Wolfowitz, who agreed to
resign over a promotion scandal involving his companion.




Zoellick, former deputy U.S. secretary of state and trade
representative, was the only nominee for the job and will
overlap for a week with Wolfowitz before he offically takes the
reins of the poverty-fighting institution on July 1.


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G20 to focus on multilaterals, commodity prices - Manuel

(Reuters) - The Group of 20 economic powers will this year focus on reform of the IMF and World Bank to help ensure more influence for poorer nations in the global institutions, South Africa's Finance Minister Trevor Manuel said on Thursday.

Manuel, who will chair the group at its annual meeting in November, said the G20 should work toward ensuring a more equal partnership between emerging and advanced economies on the global stage.


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World Bank gives Kenya $135 mln for Internet

(Reuters) - The World Bank gave Kenya credit worth $135 million on Wednesday to improve Internet usage and the gathering of statistics.

The new credit brings to $289.4 million the amount the bank has committed to lend to the east African nation in 2007. The country was formerly shunned by international donors due to rampant corruption.


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Canada's Flaherty says more yuan flexibility needed

(Reuters) - China's central bank announced on Friday it would widen the
trading band for the yuan currency to 0.5 percent from 0.3
percent. It also tightened its one-year lending rate and the
one-year deposit rate.




Flaherty also said the United States has consulted Ottawa and
other governments on the best choice to replace World Bank
President Paul Wolfowitz, who resigned late Thursday.


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