IMF begins process to select next managing director

The International Monetary Fund (IMF) has begun the process of selecting its next managing director (MD).

The lender intends to choose a candidate by the end of April.

Afonso Bevilaqua and Abdullah BinZarah, IMF’s board coordinators, disclosed this in a statement on Thursday in Abuja, according to NAN.

“We are very pleased to announce that the executive board 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 coordinators said.

“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.

“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 the end of April 2024.”

The IMF said the successful candidate for the position of managing director would 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,” the coordinators said.

“As chief of the fund’s staff and as chair of the executive board, (s)he will be capable of providing strategic vision for the work of a high-quality, diverse, and dedicated staff.

“S(he) will 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 (s)he will fulfil his or her responsibilities.

“(S)he will have a proven understanding of the fund and the policy challenges facing the fund’s diverse global membership.”

According to the statement, the successful candidate will have a firm commitment to, and an appreciation of, multilateral cooperation and will have a demonstrated capacity to be objective and impartial.

IMF MD NOMINATION PERIOD CLOSES IN APRIL

The IMF said the nomination period, which began on March 14, will close on April 3, after which all nominees will be asked about their willingness to be considered as candidates.

“This nomination period 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,” IMF said.

“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 secretary shall 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.

“This is with the objective of completing 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, the objective of the executive board is to adopt a shortlist by consensus. The shortlist shall be published by the fund.”

IMF said the executive board would meet with the shortlisted candidates or all of the candidates if there are fewer than four in Washington, D.C.