IMF appoints Rato as managing director

The Executive Board of the International Monetary Fund (IMF) this week, as expected, selected Rodrigo Rato to serve as Managing Director and Chairman of the Executive Board for a five-year term.

Mr Rato will succeed Horst Kohler, who resigned on March 4, 2004. The 24-member Executive Board selected Mr Rato in a two-stage process. In the first stage, an informal confidential straw poll produced a majority in favor of Mr Rato's appointment. Directors then proceeded to formally select Mr Rato by

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