Global Biz

IMF completes 2010 executive board election

(Xinhua)
Updated: 2010-11-25 09:45

WASHINGTON - The 2010 regular election of the executive directors of the International Monetary Fund (IMF) had been completed and the new Executive Board took office on Tuesday, the IMF announced on Wednesday.

"The term of newly elected executive directors runs through October 31, 2012. The IMF Articles of Agreement require a regular election of executive directors to take place every two years, and the next regular election of the Executive Board will be held in the fall of 2012," the IMF said in a statement.

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The Executive Board is responsible for conducting the business of the IMF. Under current arrangements, it is composed of 24 directors, currently with five appointed ones from members with largest quotas including the United States, Japan, Germany, France and the United Kingdom, while the rest are elected by member countries or by groups of countries.

IMF Managing Director Dominique Strauss-Kahn continues to serve as the Chairman of the Board. He Jianxiong will continue to serve as the executive director representing China at the Washington-based agency.