IMF boots Fischer from race for top job
Bank of Israel governor Stanley Fischer, 67, no longer candidate for head of International Monetary Fund as board rejects changing age limit set at 65. Fischer: I wish I had been given an opportunity to show my qualifications
The International Monetary Fund's board on Monday blocked Bank of Israel governor Stanley Fischer from the race for the top IMF job, further boosting the chances of French Finance Minister Christine Lagarde.
In a surprise move, the 24-member IMF board rejected changing the IMF's rules that would have allowed 67-year-old Fischer to run, two board official told Reuters. IMF rules stipulate an age limit of 65 for an incoming managing director.
The officials said changing the rules for Fischer, who is highly respected by both advanced and emerging economies, would have required a reopening of the selection process to allow other candidates older than 65 to participate in the race.
Fischer (R), Lagarde and Carstens (Photo: AFP)
An IMF board statement confirmed it had shortlisted Lagarde and Mexico's central bank chief Agustin Carstens and would consider their nominations. It reiterated that it planned to complete the selection by June 30.
Fischer issued a statement in response: "I believe the age limit isn't relevant today and had hoped the IMF board would discuss the issue and change the protocol, not just for the sake of my candidacy but for the benefit of future candidates.
"I do not regret running for the position. I do wish I had been given the chance to show my experience and qualifications to the board.
"I shall gladly continue performing the role of Bank of Israel governor and contribute to Israel's economy." Fischer also thanked Prime Minister Benjamin Netanyahu and Finance Minister Yuval Steinitz for their support.
Tom Ziv contributed to this report
- Follow Ynetnews on Facebook
