Australia has formally announced its intentions to back the Mexican candidate for the presidency of the International Monetary Fund, throwing more doubt into the race for the job.

 

Both Australia and Canada have announced their support of Mexico’s Agustin Carstens, who currently serves as the governor of the Mexican central bank, after both government’s issued a joint statement.

 

"Previous experience in the IMF, combined with his background as finance minister of Mexico and his current position as governor of the Mexican central bank, equip him very well to understand and address, on a collaborative and inclusive basis with IMF member countries, the challenges faced by the global economy,” the statement reads.

 

The announcement by the Canadian and Australian Governments represents a break from the established voting blocs, where wealthy nations support candidates from developed countries.

 

The support of Mr Carstens by the Australia confirms the Government’s position that economic precedence is shifting from developed to developing countries.

 

Although a number of South American countries have publically backed MR Carstens’ bid, including Peru, Chile and Colombia, French Finance Minister Christine Lagarde remains the favorite for the position after shoring up her position in Europe and receiving unofficial endorsement by the US.