Top Treasury official to represent Turkey in IMF’s top board
Turkish Treasury Undersecretary Ä°brahim Ãanakçı has been appointed International Monetary Fund (IMF) Executive Director, marking the first time Turkey earning the right to be directly be represented in the main governing body of the international lender.
âTurkey will take over the executive directorship duty, which is still being carried out by Austria, as of Nov.1,â read a statement released by the Turkish Treasury on July 17.
âOur country group has been informed that this important job will be undertaken by Treasury Undersecretary Ä°brahim Halil Ãanakçı in the name of our country,â the statement said.
The IMFâs Washington-based Executive Board, which is responsible for the IMFâs day-to-day business, is made of 24 directors that represent all 188 member-countries in a geographically-based roster.
Countries with large economies have their own executive director, but most countries are grouped in constituencies representing four or more countries.
The group that Turkey is in, which includes Belarus, the Czech Republic, Hungary, Kosovo, Slovakia, Slovenia, was represented by Austria in the board.
However, voting rights and quotes went through a reform in 2010, in a way to solve the much-criticized problem of low representation of emerging economies within the IMF.
The change allowed Turkey, Hungary and the Czech Republic to rotate with Austria for the executive directorship post.
Ãanakçı was appointed to the Treasuryâs top post in May, 2003, and built a reputation among investors as a quiet anchor of stability, helping to bolster Turkeyâs international credibility.
Turkeyâs government debt has fallen to around 36...
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