IMF starts selection process for next managing director

[WASHINGTON] The International Monetary Fund is starting the search for its next managing director, pledging the candidate can be from any of its member nations and the selection process will be completed by early March.

IMF Managing Director Christine Lagarde's term expires on July 5.

Aleksei Mozhin, dean of the fund's executive board, said in an e-mailed statement Wednesday that the board aims to reach a decision by consensus. Individuals can be nominated by a fund governor or executive director through Feb 10, the Washington-based institution said.

An IMF spokeswoman said that if Ms Lagarde wishes to serve a second term as managing director, her formal nomination would be required.

The executive board has adopted an open, merit-based, and transparent process for the selection of the managing director, similar to the one used in the previous round," Mr Mozhin said.

BLOOMBERG