Frequently Asked Questions on Managing Director (MD) Selection

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When will the Managing Director assume her duties?

The Executive Board on April 12, 2024 (see Press Release No. 24113) selected Kristalina Georgieva to serve as IMF Managing Director and Chair of the Executive Board for a second five-year term starting on October 1, 2024.

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What is the term of office of a Managing Director?

Consistent with the IMF’s By-Laws, the contract of a Managing Director is for a term of five years and may be renewed for the same term or for a shorter term.

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What is the process for selecting the Managing Director?

As outlined in the press release issued by the Executive Board on March 13, the procedure for selection of the MD this round took place in an open, merit-based, and transparent manner. The process agreed by the Executive Board is as follows:

The successful candidate will have a distinguished record in economic policy making 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.

An individual may be nominated by a Fund Governor or an Executive Director. All nominations will be communicated to the Fund’s Secretary, who will hold the names in confidence until the end of the nomination period. The period for receiving nominations for this round was from March 14 to April 3, 2024.

At the end of the nomination period, the Secretary will 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. The Board’s objective is to complete the shortlisting process within seven days following the disclosure to the Board of the candidates.

The shortlisting process will be implemented through indications of which candidates receive the most support among Directors, taking into account the Fund's weighted voting system. Although the Executive Board may adopt a shortlist by a majority of the votes cast, the objective of the Executive Board is to adopt a shortlist by consensus. The shortlist will be published.

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.

The selection of Ms. Georgieva (see Press Release No. 24113) brings to a conclusion the selection process initiated by the Executive Board on March 13. The Board held several discussions, including with Ms. Georgieva, the sole candidate nominated for the position, before making its decision on April 12.

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How does this selection process compare to previous rounds?

Candidate Profile: The candidate profile is the same as in 2011, 2016 and 2019. As set out in the Board decision, the successful candidate will meet the following requirements:

Have a distinguished record in economic policymaking at senior levels.

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 IMF’s member countries.

As chief of the IMF’s staff and as Chair of the Executive Board, (s)he will be capable of providing strategic vision for the work of a high quality, diverse, and dedicated staff; and will be firmly committed to advancing the goals of the IMF by building consensus on key policy and institutional issues, including through close collaboration with the Executive Board, under whose direction (s)he will fulfill his or her responsibilities.

Have a proven understanding of the IMF and the policy challenges facing the Fund’s diverse global membership. (S)he will have a firm commitment to, and an appreciation of, multilateral cooperation and will have a demonstrated capacity to be objective and impartial. (S)he will also be an effective communicator.

Nominations: As part of the commitment to an open, merit-based, and transparent process for selecting management, since 2011 both Fund Governors and Executive Directors are eligible to nominate candidates. In 2007, and earlier, only Executive Directors could nominate candidates.

Process of shortlisting candidates: As in 2011, 2016 and 2019, in the event there are four or more candidates, the Board will draw up a shortlist of three, taking into account “the candidate profile without geographic preferences,” before making a final selection based on the IMF’s weighted voting system. The names of nominees will be held in confidence by the Executive Board until the shortlist is determined.

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Who can nominate a candidate?

An individual may be nominated for the position of Managing Director by a Fund Governor or an Executive Director during the nomination period of each round.

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When the Executive Board votes for a candidate to be the MD, is it done by individual country votes or by the Executive Director’s voting power?

The Managing Director is selected by the Fund’s 24 member Executive Board. Individual countries do not cast votes. 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.

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What is the maximum age for a candidate to be appointed Managing Director?

The Board of Governors, the highest decision-making body of the IMF, recently approved the removal of the age limit for the position of IMF Managing Director. The proposal, an amendment to the IMF’s By-Laws, was approved in a vote that concluded on September 4, 2019.

Previously, the IMF’s By-Laws stated that at the time of the initial appointment as Managing Director, the person selected had to be less than 65 years old, and that a person could not hold the position of Managing Director beyond her/his 70th birthday. This age limit had been introduced in 1951, prior to which there was no age limit for the Managing Director.

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Why was this change made?

In the previous selection process for the new Managing Director, the Executive Board expected to consider at least one candidate who was over 65, following the public announcement of such a nomination. Removing the age limit was an issue the Board had considered before, with one of these discussions concluding without proposing a change but noting that, if in the future the Executive Board wished to consider the candidacy of a person over 65, the Executive Board could request the Board of Governors to modify the age limit at that point in time. The previous selection process raised that issue and provided the Board an opportunity to consider the question again.

Following the recommendation by the Executive Board, the Board of Governors approved an amendment to remove the age limit. Removing the age limit allowed more flexibility in the selection process for both current and future candidates for the position of the Managing Director.

Removing the age limit was also consistent with the lack of an age limit for members of the Executive Board (which the Managing Director chairs) as well as for the World Bank Group President and the heads of many international institutions.