| The Governor of the Bank of Israel, Prof. Stanley Fischer, said today (June 11) that his candidacy for the role of International Monetary Fund (IMF) managing director has been submitted. The Governor updated the Prime Minister and the Finance Minister accordingly. |
| Choosing the IMF managing director is carried out through a vote of representatives of 187 countries. The fund's regulations state that the age of candidates for the post is not to be over 65. Prof. Fischer is 67. The implication is that before his candidacy is approved, the fund will have to decide whether to change its regulations, or invalidate the candidacy. |
| Prof. Fischer said, "A little over 6 years ago I immigrated to Israel, and I consider myself very lucky to have had the opportunity to live in the country, and even more than that–the opportunity to attempt to contribute to it. This feeling has only intensified since I moved to Israel. I recently began my seventh year as Governor of the Bank of Israel. One of the primary challenges that I set for myself during my first term was passing the new Bank of Israel Law, with the goal of turning the Bank into a more transparent and modern institution, in line with international standards. I decided to continue for a second term in order to implement the Bank of Israel Law and to continue and contribute to the Israeli economy. However, an extraordinary and unplanned opportunity has come up, possibly one that will not come again, to be a candidate for the head of the IMF. After much deliberation, I have decided I want to pursue the opportunity. This is despite the process being complicated and despite the possible barriers." |
| Alongside the extensive experience that Prof. Fischer has accumulated as Governor of the Bank of Israel during one of the challenging periods in Israel's economy, he also has 7 years of experience in the second most important role in the IMF, during which he accumulated practical experience and deep understanding of the global economy, and accompanied many countries in their economic development. Prof. Fischer added, "It was because of this experience that I decided to stand, and I believe that I will be able to contribute to the International Monetary Fund, a central player in the global economy, and contribute to the global economy in the post-crisis period. |
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