Bank of Israel's Fischer joins race for top IMF job

A third candidate has joined the race to become head of the International Monetary Fund. Bank of Israel governor Stanley Fischer says he says wants to pursue the position alongside French Finance Minister Christine Lagarde and Mexico’s central bank chief Agustin Carstens. 

Reuters/Gil Cohen

"I believe I can contribute to the IMF and to the global economy in this period of crisis,” he said in a statement on Saturday one day after the deadline for nominations had closed.

Fischer, a widely respected economist, is a popular figure in Israel who is credited with having helped the country’s economy weather the recent global economic crisis.

He is seen as a long shot for the position at the job traditionally goes to a European which makes Lagarde the favourite.

Other possible stumbling blocks include his age. He will be 68 in October and IMF regulations call for a candidate under 65. His ties to the Israel could also prove unpopular with Arab countries.

But he already has the backing of Israel’s Finance Minister Yuval Steinitz who said he would push for Fischer to get the post.

“The job of IMF chief fits Fischer like a glove, both because of his education and the tremendous experience he has built up at the IMF, the World Bank and in the six years in which he has become as asset to Israel’s economy as central bank governor,” said Steinitz.

The IMF chief’s job became vacant unexpectedly after France’s Dominque Strauss-Kahn resigned on 18 May to fight sexual assault charges in New York.