IMF begins selection process for next managing director

By Ovunc Kutlu

ISTANBUL (AA) - The International Monetary Fund said its executive board has initiated the selection process for its next managing director.

The IMF said the board has "adopted an open, merit-based, and transparent process" for the selection process, adding the board aims to reach a decision by consensus by the end of April.

"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," it said in a statement on Wednesday.

Kristalina Georgieva, the IMF's current managing director, is widely expected to be renominated for a second five-year term, after her current term expires on Sept. 30.