Clinton Backs Horst Koehler to Head IMF

President Clinton threw his support behind Germany’s Horst Koehler to lead the International Monetary Fund, signaling the end of a four-month struggle over who will head the IMF. “The president told Chancellor [Gerhard] Schroeder that the United States is prepared to support Mr. Koehler as the new head of the IMF,” White House spokesman Joe Lockhart said. U.S. backing will likely clinch Koehler’s nomination, because the U.S. holds about 18% of the weighted voting power on the IMF’s board and the EU holds about 16%. The U.S. vetoed Germany’s first EU-backed candidate, Caio Koch-Weser, saying he lacked political heft. Koehler, head of the European Bank for Reconstruction and Development, won unanimous backing from the 15 EU finance ministers. Japan said it will also endorse Koehler.