IMF Executive Board Initiates Selection Process for the Next Managing Director

IMF News, March 13, 2024

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Bibliographic details

• Published: March 13, 2024

Announcement and timeline

• Press Release No. 24/86
• Statement issued by the Board Coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah.
• Date of statement: March 13, 2024.
• Nomination period:
  • Commences on March 14, 2024, at 12:01 a.m. Washington, D.C. time.
  • Closes on April 3, 2024, at 11:59 p.m. Washington, D.C. time.
• The Board intends to complete the process by end-April 2024.
• Objective for decision-making: reach a decision by consensus; Executive Board may adopt shortlist or select by a majority of the votes cast, but the objective is consensus.

Candidate profile and qualifications

• The successful candidate will have:
  • A distinguished record in economic policymaking at senior levels.
  • An outstanding professional background.
  • Demonstrated managerial and diplomatic skills needed to lead a global institution.
  • Nationality: may be a national of any of the Fund’s members.
  • Capability to provide strategic vision for the work of a high quality, diverse, and dedicated staff.
  • Commitment to advancing the goals of the Fund by building consensus on key policy and institutional issues, including through close collaboration with the Executive Board, under whose direction the Managing Director will fulfill his or her responsibilities.
  • Proven understanding of the Fund and the policy challenges facing the Fund’s diverse global membership.
  • Firm commitment to, and appreciation of, multilateral cooperation.
  • Demonstrated capacity to be objective and impartial.
  • Effective communication skills.

Nomination procedures and confidentiality

• Who may nominate:
  • An individual may be nominated by a Fund Governor or an Executive Director.
• Nomination handling:
  • All nominations shall be communicated to the Fund Secretary.
  • The Fund Secretary shall obtain confirmation from each nominee of his or her willingness to be considered as a candidate.
  • The Fund Secretary shall hold the names of the nominees in confidence until the end of the nomination period.
• Disclosure:
  • At the end of the nomination period, the Secretary shall disclose to the Executive Board the names of those nominees who have confirmed their desire to be candidates.

Shortlisting and selection mechanics

• Shortlisting:
  • 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.
  • Shortlisting will take into account the candidate profile without geographical preferences.
  • Shortlisting will be implemented through indications of which candidates receive the most support among Directors, taking into account the Fund’s weighted voting system.
  • Objective: complete the shortlisting process within seven days following the disclosure to the Board of the candidates.
  • 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 shall be published by the Fund.
• Meetings and 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.
  • Objective of completing the selection process by end-April 2024.

Contacts and additional resources

• MEDIA RELATIONS — PRESS OFFICER: Wafa Amr
  • Phone: +1 202 623-7100
  • Email: MEDIA@IMF.org
  • Twitter: @IMFSpokesperson
• Related factsheets referenced:
  • Factsheet on Selection Process for IMF Managing Director: https://www.imf.org/en/About/Factsheets/Sheets/2022/MD-selection-process
  • Q&A on Managing Director (MD) Selection: https://www.imf.org/en/About/Factsheets/Sheets/2022/MD-selection-process/qandas

Source: Statement by the Board Coordinators of the Executive Board, March 13, 2024.

References

• https://www.imf.org/-/media/images/imf/bios/imfboard.jpg
• The Executive Board
• Press Releases
• PRESS CENTER
• https://www.imf.org/en/About/Factsheets/Sheets/2022/MD-selection-process
• https://www.imf.org/en/About/Factsheets/Sheets/2022/MD-selection-process/qandas
• https://www.imf.org/en/home