| September 06, 2008 |
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Manuel named to chair IMF reform committee Business Correspondent in CAPE TOWN FINANCE Minister Trevor Manuel has been named to chair a committee looking at organisational reform of the International Monetary Fund (IMF). The fund‘s managing director, Dominique Strauss-Kahn, announced the appointment of the committee of eminent persons which Manuel will chair to assess the adequacy of the fund‘s current framework for decision-making and advise on any modifications that might enable the institution to fulfil its global mandate more effectively. South Africa‘s National Treasury circulated the announcement yesterday. Other committee members include Michel Camdessus, former managing director of the IMF, Kenneth Dam, a professor at the University of Chicago, Mohamed El-Erian, co-chief executive officer and co-chief information officer of Pacific Investment Management, Sri Mulyani Indrawati, minister of finance of Indonesia, Guillermo Ortíz, Governor of the Bank of Mexico, Robert Rubin, senior counsellor at Citigroup and Amartya Sen, a professor at Harvard University. “Important progress has been made in the reform of the fund‘s governance, including the initiation of a process to realign members‘ voting power within the fund,” Strauss-Kahn said. “However, the task of enhancing the fund‘s legitimacy and effectiveness must also come to grips with the question of whether the significant changes since the establishment of the fund require reform of the institutional framework through which members‘ voting power is actually exercised. “Among other things, this requires careful consideration of the respective roles and responsibilities of the board of governors, the International Monetary and Financial Committee, the executive board, and fund management.” He added that he expected to have the committee‘s perspective on the reforms by next April, saying it would provide yet another input to the fund‘s reform efforts. He said drive towards reform had already had input from work by many groups and individuals, including the fund‘s own independent evaluation office, its executive directors, who formed a working group to focus on these issues, numerous academics and analysts and civil society. “I want to thank these eminent persons for agreeing to bring their experience, expertise, and wisdom to bear on the ongoing reform of IMF governance,” he said. “It is my hope that concrete proposals can be distilled from this large body of work by September 2009.” Manuel has long been an advocate of reform of the Bretton Woods institutions, whose governance, he frequently says, is unfairly biased against the developing world. The IMF is governed by, and is accountable to, its member countries through its board of governors. There is one governor from each member country, typically the finance minister or central bank governor. The governors usually meet once a year, in September or October, at the annual meetings of the IMF and the World Bank. Key policy issues related to the international monetary system are considered twice a year by a committee of governors. The day-to-day work of the IMF is carried out by an executive board.
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Schoolboy slain for cellphone Gareth Wilson HERALD REPORTER wilsong@avusa.co.za THE senseless murder of a 13- year-old schoolboy in Port Elizabeth‘s picturesque Settlers Park while on his way to school with four schoolmates yesterday morning has sent shock-waves through the community.... 
Bafana need to fly high against the Super Eagles Billy Cooper SPECIAL CORRESPONDENT BAFANA Bafana head coach Joel Santana appeared to show his hand at training ahead of today‘s win-at-all-costs 2010 African Nations Cup qualifier against Nigeria to be played at the EPRU Stadium.... 
Artistic Zambians reach out to kids Luyolo Mkentane SKILLED Zambian “brothers” who call Central their second home, are conducting art workshops at a Port Elizabeth childcare centre as a way of ploughing back into the community. The four “brothers” who call themselves “Ever High Dreadz” are Mutale Kaluya aka Louie X, Allan Kayange aka Ankubwike, Caezar Ngulube aka Rankin C and Kennedy Mutambo aka Number 6.... 
Immigrants and their role in PE AS THE political borders of states across the world are taken down, as countries reorganise into powerful economic blocs, as specialised new markets emerge and millions of people migrate in search of better lives, so the role of cities everywhere is changing. This is the age of the world city. We’d like to think Nelson Mandela Bay aspires to be such a city. It is surely no coincidence that the cities that are attracting economic investment, that are vibrant and cosmopolitan, that are looking for creative solutions to the challenges of urban life, that are hosting major events and boldly pushing their way into the 21st century, are also the ones that are most open to the influences of the rest of the world and to the diversity that brings.... 
Same old, same old, sigh sigh, switch off I‘M confused. I admit it’s early days yet but the fact remains: I’m confused. A few weeks back, in response to a reader’s letter complaining that they kept on showing the same old tired programmes, Multichoice responded by saying they were launching four brand new channels in September. These channels would, it seemed, breathe new life into the dreary package offer by the BBC....
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