The finance minister of France who is one of the leading contestants for the IMF top job has received the endorsement of Indonesia for the job. This has further stretched the lead of Mrs. Christine Lagarde. Indonesia is the first country in the developing economy that has backed her bid publicly.
The entrance into the race in the 11th hour of a former central bank governor in Israel Stanley Fischer may not whittle down the lead of Lagarge in the race. Lagarge had already received the backing of the European Union for the top IMF job. She also had the support of other smaller countries but had needed the support of the bigger emerging economies to back her candidacy.
The development in Jakarta is very interesting because the region had resolved to present a candidate for the top IMF job. Other smaller countries who are members of IMF have always being critical of the European domination of IMF when it comes to the position of the top job.
The entrance of Fischer into the race has made the emerging economies to reconsider backing the central bank of Mexico as they see Fischer as a credible candidate. The French finance minister has intensified her campaign by moving to different capitals in the world.