IMF seeks new Managing Director by June 30

"The selection of the next IMF Managing Director would take place in an open, merit-based, and transparent manner," the Dean of its Executive Board, Shakour Shaalan said, adding that there would be no geographical preference during the selection process.

Giving details of the selection process, Shaalan said yesterday the nomination process would formally begin May 23 after which an individual may be nominated for the position of Managing Director by a Fund Governor or an Executive Director. The last date of the nomination is June 30.

"The successful candidate for the position of Managing Director will have a distinguished record in economic policy making 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," he said.

At the end of the nomination period, Shaalan the IMF 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 IMF would make public the names of the shortlisted candidates," he said.

The IMF Dean said as chief of the Fund's staff and as Chairman of the Executive Board, the successful candidate will be capable of providing strategic vision for the work of a high quality, diverse, and dedicated staff.

He will be firmly committed to advance the goals of the Fund by building consensus on key policy and institutional issues. The candidate will have a proven understanding of the Fund and the policy challenges facing the Fund's diverse global membership, he added.

The selection procedure "allows the selection of the next managing director to take place in an open, merit-based, and transparent manner," said Shakour Shaalan, the senior member of the 24- person board.

While European countries want the next leader to be European, China is pushing for the next head to be from an emerging economy.

The New York Times reported that the fund's board would draw up a shortlist of at least three candidates.

French Finance Minister Christine Lagarde emerged as the leading contender to replace Dominique Strauss-Kahn, who was indicted yesterday on charges including attempted rape, The Times said.

Strauss-Kahn resigned on Thursday, but insisted he was innocent.
Kemal Dervis, Turkey's former economy minister, said yesterday ruled himself out of contention yesterday.

"Speculation about succession at the IMF has included me in the group of persons with relevant experience," he said in a statement.

"But I have not been, and will not be, a candidate."

Officials in emerging markets said the next IMF managing director should come from a developing nation even as they failed to unite behind one candidate.

A European has been at the helm of the institution since it was founded 65 years ago.