MOSCOW, August 22 (RIA Novosti) - Russia's Finance Ministry confirmed Wednesday that the country had nominated former Czech central banker Josef Tosovsky as head of the International Monetary Fund.
"A Russian representative on the Board of Governors of the International Monetary Fund nominated Josef Tosovsky for the post of IMF Managing Director on Tuesday," the ministry said on its Web site.
"We believe Mr Tosovsky will be the right man in the right place given his considerable expertise in the sphere of international economic cooperation, and being a recognized expert on financial stability," the statement reads.
Tosovsky was governor of the Czech National Bank in 1989-2000 and headed the government in 1997-1998 under then President Vaclav Havel. He currently chairs the Financial Stability Institute in Basel, Switzerland
The European Union has put forward former French finance minister Dominique Strauss-Kahn as a candidate for the top position in the global financial institution, traditionally occupied by west European financiers. The selection process will be completed by August 31.
By convention, the heads of the two "Bretton Woods" institutions - the World Bank and the IMF - are selected by the U.S. and Europe, respectively.
Current IMF Managing Director Rodrigo Rato, who has led the fund since May 2004, suddenly announced his resignation in July and is expected to step down in October.
