Brazil Not determined on IMF candidate

Mexico's candidate for IMF chief, Central Bank chief Agustin Carstens, says he'll push for a lot more power to emerging economies. He made the comments at the start off of a brief tour of Brazil, hoping to win crucial backing for his bid to lead the global lender.

Carstens is in Brazil on the third leg of a global tour to drum up support for his candidacy to lead the Washington-based IMF. So far, he's up against French Finance Minister Christine Lagarde, who kicked off her own worldwide campaign in Brazil earlier this week.

Even though Brazil has been among the loudest voices calling for much more say for emerging markets in global economic affairs, government sources say the country is leaning toward Lagarde because she is seen as having far more clout within the IMF to push by way of reforms.

Carstens arrived in the capital Brasilia and met with Finance Minister Guido Mantega. Mantega welcomed his candidacy, but said Brazil necessary more time to determine which candidate to back.

Mantega added, it was critical to have a candidate from an emerging economy for a job that has traditionally been held by a European, and that it would be a step forward if the next IMF chief was chosen on merit as opposed to nationality.

Carstens says he's received expressions of support from significantly of Latin America, despite having no official backing yet.

He says emerging economies should have more decision-making power inside the IMF.

Agustin Carstens, Mexican Central Bank Chief stated "The moral weight and power that emerging countries have due to their management of economic policies within the past couple of years could be recognized inside an institution where countries like Mexico, Brazil, China and South Africa have a larger say and could influence the policies of the International Monetary Fund."

The Brazilian Finance Minister also said that the fund ought to mirror the G20 group.

Guido Mantega, Brazilian Finance Minister said "The monetary fund cannot regress. It cannot go back to what it utilized to be -- a representative of the G7, of the G8. It has to be in tune using the G20, which these days represents developed and emerging countries."

During Lagarde's check out to Brazil this week, she told the country what it wanted to hear -- that she would push reforms to give emerging economies a lot more say in IMF decision-making. The board has a June 30th deadline for choosing a successor.

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