Press Release: Statement by the G-11 Executive Directors of the IMF on the Selection Procedures for Appointing the IMF Managing Director
March 31, 2004
The G-11 Executive Directors of the International Monetary Fund (IMF) made the following statement today on the selection process for a new Managing Director:
"In our statement on March 19, 2004, we outlined some key principles that should be observed in the selection of the Managing Director. These included:
- an open and transparent process in which all members of the Executive Board are consulted; and
- a plurality of candidates representing a diversity of members across regions would be in the best interests of the institution.
The aim being to select the best person for the job, regardless of nationality.
These principles represent the foundation of the recommendations of the Joint Report on the Process for Selection of the Managing Director, which were endorsed by the Executive Board in April 2001. We recognize that, given the time constraint, it will not be possible to apply the letter of those recommendations at this time. However, we believe it is essential to abide by the principles underlying those recommendations, and thus propose the following procedures for nominating and selecting the Managing Director:
- Any Executive Director of the Fund has the right to nominate candidates for the position.
- Nominations should be submitted to the Dean of the Executive Board who will:
- ascertain that the proposed candidates agree with the nomination;
- ascertain that the government of the country of each candidate does not object to his or her nomination;
- immediately once nominations are made by an Executive Director, notify all members of the Executive Board as to the candidates, including their credentials;
- before any meeting of the Executive Board is held to determine support for the candidate, invite the candidates to meet informally with the Executive Directors.
This process should be conducted as quickly as possible."