Press Release No. 07/156

The Executive Board of the International Monetary Fund (IMF) issued the following statement today:

"The IMF's Executive Directors met informally on July 9 to begin the process for the selection of the Managing Director to succeed Mr. Rodrigo de Rato when he steps down. Under the Articles of Agreement, the IMF's Executive Board is responsible for the selection of the Managing Director of the Fund. Any Executive Director may submit a nomination, regardless of nationality, for the position, consistent with past practice.

"Directors will meet again to finalize the selection procedure expeditiously to ensure a timely decision in an open and transparent manner, consistent with the Fund's Medium-Term Strategy."