IMF Initiates Selection Process for Next Managing Director
The International Monetary Fund (IMF) has commenced the process of selecting its next managing director, according to an official release. The move is coming ahead of expiration of its current managing director, Kristalina Georgieva, who has served since Oct.1, 2019.
In an official statement, the Coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah, said that the multilateral lender 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.”.
The Executive Board underscores the importance it places on the successful candidate having the requisite global standing to lead the Fund, which stands at the centre of the global financial system.
For the position, the board said individuals may be nominated by a fund governor or executive director. However, the board said it would reach a decision by consensus. The IMF board intends to complete the process by the end of April 2024.
It is noted 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, have demonstrated the managerial and diplomatic skills needed to lead a global institution, and be a national of any of the Fund’s members.
As chief of the fund’s staff and as Chair of the Executive Board, the applicant for the position must be capable of providing strategic vision for the work of a high quality, diverse, and dedicated staff. The person is expected to be firmly committed to advancing the goals of the Fund by building consensus on key policy and institutional issues, including through close collaboration with the Executive Board, under whose direction he or she will fulfil his or her responsibilities.
The candidate is expected to have a proven understanding of the Fund and the policy challenges facing the Fund’s diverse global membership. The person must also have a firm commitment to, and an appreciation of, multilateral cooperation and will have a demonstrated capacity to be objective and impartial.
Meanwhile, the IMF Board said an individual may be nominated for the position of Managing Director by a Fund Governor or an Executive Director during a nomination period which shall commence on March 14, 2024, at 12:01 a.m. Washington, D.C. time and will close on April 3, 2024, at 11:59 p.m. Washington, D.C. time.
It added that all nominations shall be communicated to the Fund Secretary, who shall obtain confirmation from each nominee of his or her willingness to be considered as a candidate. The Fund Secretary shall hold the names of the nominees in confidence until the end of the nomination period.
At the end of the nomination period, the notice indicates that the Secretary will disclose to the Executive Board the names of those nominees who have confirmed their desire to be candidates. If the number of candidates exceeds three, the Executive Board will keep the names of these nominees in confidence until it has drawn up a shortlist of three candidates, taking into account the above candidate profile without geographical preferences.
The shortlisting process will be implemented through indications of which candidates receive the most support among directors, taking into account the fund’s weighted voting system, to complete the shortlisting process within seven days following the disclosure to the board of the candidates.
Although the Executive Board may adopt a shortlist by a majority of the votes cast, it is noted that the objective of the Executive Board is to adopt a shortlist by consensus. It said the shortlist would be published.
The Executive Board said it would meet with the shortlisted candidates (or all of the candidates if there were fewer than four) in Washington, D.C. Thereafter, the Executive Board will meet to discuss the strengths of the candidates and make a selection.
Although the Executive Board may select a Managing Director by a majority of the votes cast, the objective of the Executive Board is to select the Managing Director by consensus to complete the selection process by the end of April 2024. #IMF Initiates Selection Process for Next Managing Director Treasury Bills Yield Fall Ahead of Feb. Inflation Data
