Frequently Asked Questions on Managing Director (MD) Selection

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The Executive Board on April 12, 2024 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.
The selection concluded the process initiated by the Executive Board on March 13, 2024 (see Press Release No. 24113).
The Board held several discussions, including with Ms. Georgieva, the sole candidate nominated for the position, before making its decision on April 12, 2024.

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.
As chief of the IMF’s staff and as Chair of the Executive Board, the Managing Director will:
- Provide strategic vision for the work of a high quality, diverse, and dedicated staff.
- Be firmly committed to advancing the goals of the IMF by building consensus on key policy and institutional issues.
- Collaborate closely with the Executive Board, under whose direction the Managing Director will fulfill his or her responsibilities.

An individual may be nominated for the position of Managing Director by a Fund Governor or an Executive Director.
Since 2011 both Fund Governors and Executive Directors are eligible to nominate candidates. In 2007 and earlier, only Executive Directors could nominate candidates.
Nominations for this round were accepted from March 14 to April 3, 2024. The Secretary held the names in confidence until the end of the nomination period.
At the end of the nomination period, the Secretary disclosed to the Executive Board the names of those nominees who had confirmed their desire to be candidates.

The Managing Director is selected by the Fund’s 25 member Executive Board; individual countries do not cast votes.
Shortlisting process:
- If the number of candidates exceeds three, the Executive Board will draw up a shortlist of three candidates, taking into account the candidate profile “without geographic preferences.”
- The Board’s objective is to complete the shortlisting process within seven days following the disclosure to the Board of the candidates.
- Shortlisting 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 is to adopt a shortlist by consensus.
- The shortlist will be published.
Meetings and final selection:
- 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 is to select the Managing Director by consensus.

The shortlisting and final selection processes take into account the IMF’s weighted voting system.
The Board’s objective in both shortlisting and selection is consensus, but both may be accomplished by a majority of the votes cast if consensus is not reached.

The Board of Governors approved the removal of the age limit for the position of IMF Managing Director in a vote that concluded on September 4, 2019.
Previously, the By-Laws required that, at the time of the initial appointment, the person selected had to be less than 65 years old, and that a person could not hold the position beyond her/his 70th birthday. This age limit had been introduced in 1951.
Removing the age limit:
- Allowed more flexibility in the selection process for both current and future candidates.
- Was consistent with the lack of an age limit for members of the Executive Board, for the World Bank Group President, and for the heads of many international institutions.
- Followed discussion by the Executive Board, which had previously noted that, if it wished to consider a candidate over 65, it could request the Board of Governors to modify the age limit.