China vouches for developing countries to lead IMF

After the resignation of besieged chief Dominique Strauss-Kahn, China on Thursday has insisted for emerging nations to be selected in the top leadership of the International Monetary Fund, Economic Times reported on Thursday.

When asked about the successor of IMF after Strauss-Kahn, who is currently battling the sexual assault charges held against him, foreign ministry spokeswoman Jiang Yu said, We have noted the relevent situation and are closely following developments.

In principle, we believe that newly emerging markets and developing countries should be represented in the top leadership, she added, We always believe that the IMF should... select successors on the principles of impartiality, transparency and merit.

Strauss Kahn 62, who resigned from his post on early hours of Thursday, is awaiting jury decision on charges of sexual assault and rape attempt on a 32 year old West African immigrant maid at a Manhattan hotel. Strauss has denied all the charges held against him on Thursday morning and said he will prove his innocence, Associated press stated in a report.

The IMF was formed after World War II to remake the busted world financial system and to prevent Depression that had hit the world in 1930. It has been dominated by Western powers since then. G20 leaders had contracted last November to give developing nations a bigger say in the system.

The Fund will communicate in the near future on the executive board's process of selecting a new managing director. Meanwhile, John Lipsky remains acting managing director, IMF said.