Brics countries 'concerned' over European IMF head

Brazil, Russia, India, China and South Africa said choosing a managing director on the basis of nationality undermined the fund's legitimacy.

European officials believe another European should replace Dominique Strauss-Kahn as IMF managing director.

Mr Strauss-Kahn resigned last week to fight sex assault charges in New York.

French Finance Minister Christine Lagarde has emerged as an early favourite to succeed him.

The five executive directors representing the so-called Brics countries at the Washington-based fund expressed their position in a joint statement.

"We are concerned with public statements made recently by high-level European officials to the effect that the position of managing director should continue to be occupied by a European," they said.

"The recent financial crisis which erupted in developed countries underscored the urgency of reforming international financial institutions so as to reflect the growing role of developing countries in the world economy."

Newly-confident emerging economies have been pushing for years for a greater voice, and more voting shares, at the IMF.

A number of European figures have thrown their weight behind France's Lagarde as the next IMF head.

According to the Reuters news agency, Lagarde plans to formally announce her candidacy on Wednesday.

She is expected to give a press conference ahead of a two-day meeting of the G8 countries, due to begin on Thursday.

If confirmed, she would continue the tradition of having a European lead the fund, which was established in 1944.

Rajiv Biswas, Asia-Pacific chief economist at IHS Global Insight, said he was "angry" about the selection process, calling it a post-colonial relic.

"It's against all good principles of governance for a global institute to only have its leader from Europe," he told the BBC's Asia Business Report.

"It's absolutely unacceptable now."

Biswas pointed out that, within 10 years, the combined economic might of developing countries would exceed that of developed countries.

The idea has many followers around the world, including a former IMF chief economist Kenneth Rogoff.