WASHINGTON, March 26 (Xinhua) -- The World Bank/IMF Development Committee announced Monday that Mexico's Secretary of Finance and Public Credit, Agustin Carstens, has been selected as its new Chairman.

    Carstens, who reportedly "has a distinguished record of service and achievement at home and on the international scene," will replace Alberto Carrasquilla, former Finance Minister of Colombia,The World Bank said in a statement.

    Carsterns was appointed Mexico's Secretary of Finance and Public Credit on December 1, 2006. Prior to taking up his position, he served as Deputy Managing Director of the International Monetary Fund from August 2003 to October 2006.

    The Development Committee's 24 Members -- mostly Finance or Development Ministers -- represent the full membership of the World Bank and the IMF.

    The Committee's mandate is to advise the Boards of Governors ofthe Bank and the Fund on critical development issues. The next meeting of the Committee will be held on April 15, 2007, in Washington, DC.