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IMF picks Koehler as new MD

Months on transatlantic dispute comes to an end
WASHINGTON. Mar 24 The International Monetary Fund yesterday picked Germany's Horst Koehler to be its new managing director, ending months of bickering that peaked with a bruising transatlantic dispute, reports Reuters.
An IMF statement said Koehler would succeed France’s Michel Camdessus as managing director of the fund, which provides billions of dollars each year tn loans to countries In financial trouble around the world.
"The Executive Board of the International Monetary Fund today agreed unanimously to select Horst Koehler as Managing Director and Chairman of the Executive Board of the International Monetary Fund." the statement said.
It did not say when Koehler.
Months on transatlantic dispute comes to an end
a former German finance ministry official who now heads eastern Europe's development bank, would move from London to Washington. Many at the IMF and al the European Bank for Reconstruction and Development expect him to be in office for the IMF's spring meeting next month.
Koehler, who also worked with the Garman Savings Bank Association, was Europe's second candidate to head the IMF. The first nominee. Cairo Koch-Weser. withdrew from the race this month after the United States said it would not support him.
In an ugly diplomatic dispute. Germany, accused the united States of bullying while Washington said Germany had ignored increasingly blunt messages and tried to bulldoze its first candidate through de-
spite opposition In Europe and beyond.
There is a common desire that is felt quite widely to Improve the processes by which the heads of International organisations are selected to make sure that we get the best and most qualified person for these institutions." US Treasury Secretary Lawrence Summers said on Thursday.
Other officials have also said that the IMF should change the way it selects its managing director. Koehler. In a news conference in Washington last week, admitted the system that won him the job was flawed and needed to be reviewed.
Koehler. 57. take office at a difficult time for the IMF, which Is under fire in the US Congress and elsewhere for its response to the world financial crisis of 1997-1999.
Tim Leach, chairman of the Influential Banking Committee of the house of Representatives, said on Thursday he backed Washington's decision to support Koehler, but the way he was chosen was wrong.
"The selection process itself lacked diplomatic sensitivity and. more Importantly, thoughtful professionalism.'' he said.
A controversial report to Congress wants the IMF to curb its tending activities sharply, eliminating concessionary loans to poor countries and lending only to countries which had "prequalified" for financial help.
Summers said that some of the more radical Ideas could put US security at rise by preventing the lender from helping a wide range of countries.