Bloomberg News

Colombia Considering Move From Brazil’s to Mexico’s IMF Group

August 31, 2012

Colombia is considering a move from the constituency led by Brazil at the International Monetary Fund, to the one led by Mexico, outgoing Finance Minister Juan Carlos Echeverry said.

“We have been exploring different possibilities, and that’s still ongoing,” Echeverry said in an interview in Barranquilla, on Colombia’s Caribbean coast. “To us, the constituency with Mexico, Spain, Venezuela and the Central American countries seems very attractive.”

Colombia is currently represented on the IMF’s 24-member executive board by Paulo Nogueira Batista, the fund’s executive director for Brazil. The group also includes the Dominican Republic, Ecuador, Guyana, Haiti, Panama, Suriname and Trinidad and Tobago. Most IMF members are grouped into constituencies of between four and 24 members, though some large economies, such as the U.S. and China, have their own seat.

Echeverry said he will apply to become director of the International Monetary Fund’s Western Hemisphere department, after Nicolas Eyzaguirre said last month that he plans to leave the post to become chairman of Chilean television channel Canal 13.

Echeverry, who described himself in a February interview as “a conservative with a copy of Keynes on his bedside table”, quit President Juan Manuel Santos’ government last week citing personal reasons.

To contact the reporter on this story: Oscar Medina in Bogota at omedinacruz@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net


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