IMF to Pick New Director by End of April

The International Monetary Fund's Board of Directors said on Wednesday that the Fund intends to finalize the process of selecting the new Managing Director by the end of April 2024.

The five-year term of the current Executive Director of the International Monetary Fund Kristalina Georgieva ends on September 30.

The statement read: “The Executive Board stresses the importance it attaches to the successful candidate who has the global standing required to lead the Fund, which is located at the heart of the global financial system.”

On Tuesday, European Union finance ministers agreed to grant Georgieva a second term.

Traditionally, European countries recommend the Managing Director of the International Monetary Fund, and the United States recommends the President of the World Bank.

Georgieva (70 years old), the 12th managing director of the International Monetary Fund since its founding in 1944, said last week that she would be honored to serve a second term at the helm of the institution.

The IMF Board of Directors said in its statement that it aims to reach a decision on the next managing director “by consensus.”