MercoPress. South Atlantic News Agency

Rato favourite to succeed Kohler in IMF.

Rodrigo Rato the Spanish Economy Minister of the outgoing Jose Aznar administration is “clear favourite” to preside the International Monetary Fund given the support from United States, according to the Financial Times.

The nomination of the European candidate could be announced in the coming IMF half of the year meeting scheduled for next April 24/25 in Washington anticipated the British newspaper.

Another strong candidate comes from France, Jean Lemierre, president of the European Development Bank, BERD, but so far has only managed support from France and Germany.

The EU Finance Ministers Council meeting this Monday in London was expected to officially announce the candidate, but the decision has been delayed. Apparently several European ministers will be missing the meeting that is also the annual assembly of the BERD, says Financial Times.

"We hope to make the announcement previously or during the IMF assembly in Washington next Saturday", revealed an EU source.

However Mr. Rato seems to have the decisive support of US Treasury Secretary John Snow, plus Latinamerican countries and several European nations, admitted EU sources.

According to Financial Times Washington believes Mr. Rato has won a strong legitimacy to the job given his support among emerging markets, his successful performance in Spain, and there's also a "gratitude debt" with the outgoing administration of Mr. Aznar who fully supported the coalition in the Iraq conflict.

But it's British Chancellor of the Exchequer Gordon Brown who will also have a decisive part in the nomination since he presides over the IMF interim council. Mr. Brown has been on the phone in the last two weeks assessing support for the different candidates.

Since the IMF was created following World War II, it has been chaired by a European, while the World Reconstruction and Development Bank presided by an American.

Horst Koehler, former Managing Director of the IMF abandoned the job to become the leading candidate for the presidency of Germany.