Japan will understand third world problems
Regional-Japan, Economics, 2/25/2000

Japan will understand developing countries' problems more precisely if it wins the top post of the U.S.-based International Monetary Fund (IMF), Thai Prime Minister Chuan Leekpai said in BangKoc on Thursday.

Chuan told Thai news agency TNA that he believed Japan would had more understanding of problems of developing countries in the region if it was elected to head the IMF.

Japan has nominated its former Vice Finance Minister Eisuke Sakakibara, known as Mr. Yen, for the Managing Director post of the IMF, which will replace Mr. Michel Camdessus, whose term ended on February 15.

It is the first time that a Japanese citizen has been nominated as a candidate for the IMF's top job.

Mr. Sakaibara will have to compete with candidates from the United States and the European Union (EU), which are all key shareholders and contributors of the IMF.

Chuan said that he believed there would be no problems in the contest for the IMF top post because, unlike the bid for the head of the World Trade Organization (WTO) last year, the competition in the IMF would be only among the top key shareholders.

Angola has reportedly proposed Stanley Fisher, who is now American Acting Managing Director of the IMF and also the institute's First Deputy Managing Director for the top job; while the EU is expected to send German Vice Finance Minister Caio Koch-Weser for the contest of the post.

Chuan said that Thailand would support Japan for the IMF top job, as Tokyo was a strong supporter of Thailand in bidding for the Geneva-based WTO top post last year, but the Thai government would not immediately announce the stance because Japan had just announced its candidate.

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