IMF initiates selection process for new managing director

The International Monetary Fund (IMF), at the weekend, announced that it had initiated the selection process for its next managing director to succeed Christine Lagarde.

Lagarde submitted her resignation letter from the global crisis lender last Tuesday, citing more clarity about her nomination to lead the European Central Bank (ECB) as European legislators approved a new top bureaucrat.

In a press release, the Fund stated: “The executive board announces today that it has adopted an open, merit-based, and transparent process for the selection of the next managing director, similar to the one used in recent rounds. It underscored the importance it places on the successful candidate having the requisite global standing to lead the fund, which stands at the center of the global financial system.

“Individuals may be nominated by a fund governor or executive director and as with past practice, we aim to reach a decision by consensus. The board intends to complete the process by October 4, 2019.”

According to the press statement, the  nomination period will  commence on July 29, 2019 at 12:01 a.m., Washington, D.C. time and will close on September 6, 2019 at 11:59 p.m., Washington, D.C. time.

It further stated that “the successful candidate for the position of Managing Director will have a distinguished record in economic policymaking at senior levels. He or she will have an outstanding professional background, will have demonstrated the managerial and diplomatic skills needed to lead a global institution, and will be a national of any of the Fund’s members.”

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