IMF Gets New Helmsman, Approves 3-Year PSI for Senegal
Acceler8now.com, 2 November, 2007
 The international Monetary Fund (IMF) has a new helmsman. He is Mr Dominique Strauss-Kahn, former French Finance Minister. Strauss-Kahn assumed work as the new Managing Director of the Fund on Thursday, November 1, 2007. He is the 10th Managing Director of the organisation. He was actually selected for the job by the Executive Board of the Fund on September 28 and succeeds Spain's Rodrigo de Rato. He is expected to re-invigorate the 185-nation organisation and help shape it's future in a rapidly changing world economy.
Strauss-Kahn has moved quickly to signal his intention to accelerate the reform process of the IMF and is quoted by the AFP to have told the press: "I have been chosen for the reform and now, I am going further and faster to reform the institution". Of particular interest to Africa and the developing world is his expressed intention to give a "stronger voice within the institution to major emerging market and low-income countries". He showed a strong sentiment in support of those countries which currently feel "not well enough represented" in the running of the IMF. He has also vowed to pursue financial stability within the international community, as an agent of growth and employment creation. His comments further indicate a determination to see, as much as possible, to an all-inclusive IMF that caters to the interests of the broad strata of member states.
He has already met with the Press in a breakfast today, where he still expressed the view that a "shift has to be significant from the developed and rich countries to the low-income countries and emerging market countries".
In a related development, the board of the IMF has approved a three-year Policy Support Instrument (PSI) for Senegal. The programme is aimed at helping the country consolidate macroeconomic stability, boost economic growth and tackle poverty. The attainment of sound fiscal policy regime is also at the core of the programme, which would also seek to boost private sector contribution to growth.
Simply put, the IMF is, through this instrument, endorsing the economic policy initiatives of the Senegalese government and offering its expertise, support and advice.
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