Emerging nations slam Europe's hold on IMF top job

WASHINGTON: The world's largest emerging economies on Tuesday slammed Europe's push to hold on to the IMF's top job, calling its lock on the managing director's position "obsolete."

International Monetary Fund directors from China, Russia, Brazil, India and South Africa -- the so-called BRICS economies -- said that the longstanding arrangement that has allowed only Europeans to lead the IMF "undermines the legitimacy of the Fund."

"We are concerned with public statements made recently by high-level European officials to the effect that the position of managing director should continue to be occupied by a European," they said.

Copyright AFP (Agence France-Presse), 2011