The International Monetary Fund (IMF) has approved a new, more open and transparent process to choose the global financial body’s next managing director, IMF Executive Board Dean Aleksei Mozhin said in a statement.
According to media reports, British Chancellor of the Exchequer — a position equivalent to a finance minister — George Osborne has supported Lagarde for a second term at the helm of the IMF.
“I am very pleased to announce that 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,” Mozhin stated on Wednesday.
The appointment of current IMF Managing Director Christine Lagarde expires on July 5, 2016.
“Individuals may be nominated by a Fund Governor or Executive Director. Like we did in 2011, we aim to reach a decision by consensus… The Board intends to complete the selection process by early March,” Mozhin added.