By End-April, IMF Intends To Pick The Next Managing Director

(CTN News) – There is a process under way to select the next IMF managing director of the International Monetary Fund, and the global lender’s executive board announced on Wednesday that it intends to select the new director by the end of April.

Kristalina Georgieva, who has served as the managing director of the International Monetary Fund for the last five years, will be stepping down from her position effective September 30th.

A statement released by the Fund on Monday said, “The IMF Executive Board would like to emphasize that it attaches a great deal of importance to the successful candidate’s ability to have the necessary global standing to lead the Fund, which stands at the center of the global financial system.”

As part of the meeting of the European Union’s finance ministers on Tuesday, Georgieva was unanimously endorsed for a second term as the head of the lender of last resort by the members of the EU.

According to tradition, the European Union usually recommends the managing director of the International Monetary Fund (IMF), while the United States usually recommends the head of the World Bank.

Having served as the IMF’s 12th managing director since its founding in 1944, Georgieva, 70, said last week that she would be honored to serve a second term at the helm of the organization.

As stated in a statement issued by the board of the IMF, it aims to reach a consensus on who will be the next managing director “by the end of the year.”

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