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Cablegate: Dr. Boutros-Ghali's Candidacy for Chairman of Imfc

R 111342Z JUN 08
FM AMEMBASSY CAIRO
TO DEPT OF TREASURY WASHDC
SECSTATE WASHDC 9528

UNCLAS CAIRO 001201

SIPDIS

E.O. 12958: N/A
TAGS: ECON EFIN EINV ETRD EAID EG
SUBJECT: DR. BOUTROS-GHALI'S CANDIDACY FOR CHAIRMAN OF IMFC

REF: A. CAIRO 1036 B. CAIRO 1021

1. (U) Below are the texts of two letters received June 8, 2008 and
June 9, 2008 respectively, regarding Finance Minister Youssef
Boutros-Ghali's candidacy for Chairman of the International Monetary
Finance Committee (IMFC). Post is forwarding hard copies directly
to Secretary Paulson via fax.

2. (U) Begin text:

The Honorable, Mr. Henry M. Paulson, Jr.
Secretary of the Treasury
United States of America

Cairo, May 12, 2008

Your Excellency,

I am writing you with regard to the forthcoming election of the IMFC
Chairman, which I am sure you know is an important IMF advisory
body.

The Arab Republic of Egypt is nominating the Minister of Finance of
Egypt, Dr. Youssef Boutros-Ghali for the post. Minister
Boutros-Ghali has held several prominent portfolios in the Egyptian
Cabinet over the past 21 years. He has done a spectacular job in
all the high posts he has held. He is imaginative, innovative, hard
working and dedicated to the reforms of developing countries.

Prior to his joining the Egyptian Cabinet, Dr. Boutros-Ghali, a PhD
holder from Massachusetts Institute of Technology (MIT), worked at
the IMF in both area and functional departments for many years. Dr.
Boutros-Ghali's experience, knowledge, and above all his desire to
help developing countries are only some of his many superior
qualities. I firmly believe that, given his background, he would
make an excellent Chairman of the IMFC, particularly in matters
related to developing and emerging market countries and the global
economy. I am sure you will agree with me that, at the current
history of the IMF, it is important that the IMFC be headed by a
national of a developing country.

I hope that you will support my request for the Arab Republic of
Egypt in this election process which will serve the interest of all
our membership. The election is expected to take place sometime in
the summer of 2008 and I believe that the Secretary of the IMF will
be in touch with you on this matter.

Please accept the expression of my highest consideration.

Sincerely,
Dr. Ahmed Nazif
Prime Minister
Arab Republic of Egypt
(signed)

End text.

3. (U) Begin text:

The Honorable, Henry M. Paulson, Jr.
Secretary of the Treasury
United States of America

Cairo, June 1, 2008

Your Excellency,

It was a pleasure talking to you the other day. As per our
conversation, I am writing to you with regard to the forthcoming
election of the IMFC Chairman. With the resignation of MR. Tommaso
Padoa Schioppa, the post of Chairman of the IMFC has become vacant.

The Egyptian Government has submitted my candidacy to this post.
Prime Minister Ahmad Nazif has written to you previously, seeking
the support of the United States for my nomination. Prime Minister
Ahmad Nazif was very kind in stating my educational background and
professional experience. I firmly believe that I would be able to
serve the IMFC, particularly in matters related to developing and
merging market countries, as well as the global economy. Given my
background and Egypt's status as one of the fastest reforming
economies in the developing world, Egypt would be a natural
candidate to chair the IMFC. I would be able to serve the interest
of all members and foster closer mutual cooperation between
developed and developing countries. This would inevitably support
and strengthen the IMFC's work on various initiatives such as the
reform of surveillance, quotas, the finance structure of the IMF,
and enhancing the role of the IMF in low income countries.

I hope that you can support my candidacy in the forthcoming
election. The election is expected to take place sometime in the
summer of 2008 and I believe that the Secretary of the IMF will be
in touch with your constituency at the IMF for this matter.

Please accept the expression of my highest consideration.

Sincerely,
Youssef Boutros-Ghali
(signed)

End text.

SCOBEY

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