1 of 10 Administrator of United Nation Development Programme Kemal Dervis speaks after presented to Brazil's President Luiz Inacio Lula da Silva the Human Development report during a ceremony at Planalto Palace in Brasilia, November 27, 2007. Reuters Administrator of United Nation Development Programme Kemal Dervis speaks after presented to Brazil's President Luiz Inacio Lula da Silva the Human Development report during a ceremony at Planalto Palace in Brasilia, November 27, 2007. Reuters France's Finance and Economy Minister Christine Lagarde arrives at a G20 Globalisation conference in Paris May 23, 2011. French Finance Minister Christine Lagarde's candidacy to head the International Monetary Fund (IMF) gained momentum on Sunday with a close ally of President Sarkozy saying she already had several countries' backing. Reuters Gordon Brown accuses News International of using ‘known criminals.’ Reuters Former German central bank chief Axel Weber looks on after he was relieved of his duties at Bellevue castle in Berlin, April 29, 2011. Reuters Singapore's Finance Minister Tharman Shanmugaratnam arrives for the ASEAN Finance Ministers Retreat in Nha Trang April 7, 2010. reuters India's Planning Commission Deputy Chairman Montek Singh Ahluwalia attends a national conference with ministers of environment and forests in New Delhi August 18, 2009. India's growth projection could be trimmed due to a poor monsoon, but the country has adequate food stocks to counter inflationary pressures, Ahluwalia said on Tuesday Reuters International Monetary Fund's Managing Director Dominique Strauss-Kahn (C), First Deputy Managing Director John Lipski (L)and External Relations Director Caroline Atkinson answer questions during a news conference at the Istanbul Congress Center October 2, 2009 Reutersw Mexico's Central Bank Governor Agustin Carstens attends a news conference in Mexico City May 23, 2011. Mexico has started talks to build support for central bank governor Carstens as the next head of the International Monetary Fund, Finance Minister Ernesto Cordero said Reuters South African Planning Minister Trevor Manuel speaks at a media briefing during the National General Council of the ruling African National Congress (ANC), in the coastal city of Durban, September 24, 2010. Manuel, a member of the African National Congress' decision-making national Executive Committee (NEC), told reporters that a decision on increased control of mines could be taken in 2012 Reuters Bank of Israel Governor Stanley Fischer attends a a photo opportunity with Finance Minister Yuval Steinitz (not seen) at the Finance Ministry in Jerusalem March 30, 2011. The Bank of Israel on Wednesday raised its forecast for Israel's economic growth to 4.5 percent in 2011 from a prior estimate of 3.8 percent after the economy grew faster than expected last year Reuters
Following the resignation of its Managing Director Dominique Strauss-Kahnafter his arrest for sexual assault last week in New York, the International Monetary Fund is now without a leader.
In the next one to two month the international financial organisation has to appoint Strauss-Kahn replacement.
The race is on to find a replacement and while Europe has claimed the need for a European to be appointed, due to the difficult financial crisis affecting many of its member states, China, Russia and South Africa insist on the need for a Chief coming out of a developing country.
As the international community is waiting for an official announce, let us have a look at the favourites.