The Dean of the Executive Board of the International Monetary Fund (IMF), Mr. Shakour Shaalan, has announced that the Fund's Executive Board has adopted a procedure that allows the selection of the next Managing Director to take place in an open, merit-based, and transparent manner, the IMF said in a press release.
The Executive Board approves the decision on the selection of the next Managing Director as outlined below:
1. The successful candidate for the position of Managing Director will 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
2. An individual may be nominated for the position of Managing Director by a Fund Governor or an Executive Director during a nomination period which shall commence on May 23, 2011 and will close on June 10, 2011.
3. 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.
4. The Executive Board will meet with the shortlisted candidates (or all of the candidates if there were fewer than four) in Washington, D.C. Thereafter, the Executive Board will meet to discuss the strengths of the candidates and make a selection. Although the Executive Board may select a Managing Director by a majority of the votes cast, the objective of the Executive Board is to select the Managing Director by consensus with the objective of completing the selection process by June 30, 2011.
