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Formal decision today on new IMF MD

WASHINGTON: The IMF will make a formal decision on its new managing director at a meeting of its executive directors on Thursday, the lending group announced.

Directors of the International Monetary Fund are expected to elect Europe's candidate, Horst Koehler of Germany, to replace Michel Camdessus of France, whose mandate expired February 15, an IMF statement said on Tuesday.

Koehler is the only candidate for the position after the withdrawal of US candidate Stanley Fischer, currently interim managing director of the IMF, and Japanese candidate Eisuke Sakakibara.

After an informal meeting Tuesday, the board of directors will meet Thursday "with a view to taking a formal decision on the appointment of the new managing director of the IMF," the statement said.

The election will put an end to a dispute between the United States and Europe, after the former rejected Europe's first candidate, German finance official Caio Koch-Weser.ÑAFP