IMF opens managing director nominations as UK backs Lagarde

21 Jan 16

The International Monetary Fund has opened the nomination process for its next managing director.

Christine Lagarde’s term comes to an end on 5 July this year, although nominations have already come in backing her for a second five years.

The fund said it wanted to pursue an “open, merit-based” approach.

“Individuals may be nominated by a fund governor or executive director,” said Aleksei Mozhin, dean of the IMF’s executive board. “Like we did in 2011, we aim to reach a decision by consensus.”

Nominees will need to demonstrate a distinguished track record in economic policymaker at a senior level, as well as the managerial and diplomatic skills needed to lead a global institution.

He or she must be a national of one of the IMF’s 188 member countries. Traditionally, the job has gone to a European national.

The process is one of nomination rather than application. As such, once nominees have confirmed they are happy to be put forward, a shortlist of three is drawn up by the IMF executive board.

Nominees then meet the board and their relative merits are considered. If consensus cannot be reached on the appointment, the board may take a vote.

Nominations open today and will close on 10 February. It is envisaged the selection process will be completed by March.

Lagarde has already received the backing of the UK government. Chancellor George Osborne said: “I nominated Christine for her first term in May 2011 and since then she has exhibited outstanding leadership, skilfully steering the fund through big economic challenges, while working hard to deliver historic reforms to the IMF.

“At a time when the world faces what I’ve called a dangerous cocktail of risks, I believe Christine has the vision, energy and acumen to help steer the global economy through the years ahead.”

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