Governance is the number one weakness of the International Monetary Fund (IMF) and needs to be addressed to improve the effectiveness of the 187-member organization, said a candidate for the position of the managing director of the IMF on Tuesday.

"Although recent progress has been made, governance reforms have been timid, and this has put the fund's effectiveness at risk," said Agustin Carstens, Mexico's Central Bank governor who is running for the top job of Washington-based international financial institution.

"Without an effective fund, the world economy risks localized crises spreading to broader areas, with all the suffering this implies," Carstens said in a statement to the IMF's Executive Board.

"The Fund is a unique institution that can provide the capacity and credibility to avert crises and resolve them when they occur. To deliver on this, it needs a legitimate governing structure, substantially improved surveillance and crisis prevention and resolution capabilities, and enhanced policy coordination," he added.

The fund began interviews Monday with candidates to run for managing director,

Carstens and his rival, French Finance Minister Christine Lagarde will meet the IMF's Executive Board this week.

The board is scheduled to meet on June 28 to discuss the strengths of each candidate, with the aim of completing the selection process by June 30, said the IMF.

VietNamNet/Xinhuanet