## Frequently Asked Questions on Managing Director (MD) Selection ## Source details **Canonical URL:** [Frequently Asked Questions on Managing Director (MD) Selection](https://www.imf.org/en/about/factsheets/sheets/2022/md-selection-process/qandas) ## Other formats - [Markdown version](/en/about/factsheets/sheets/2022/md-selection-process/qandas/index.md) - [Structured JSON version](/en/about/factsheets/sheets/2022/md-selection-process/qandas/index.json) - [Bundle manifest](/en/about/factsheets/sheets/2022/md-selection-process/qandas/bundle-manifest.json) ## Bibliographic details - Published: March 13, 2024 --- ### Selection outcome and timeline - 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. ### Term of office and duties - 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. ### Candidate profile - The successful candidate will: - Have a distinguished record in economic policymaking at senior levels. - Have an outstanding professional background and demonstrated managerial and diplomatic skills needed to lead a global institution. - Be a national of any of the IMF’s member countries. - Have a proven understanding of the IMF and the policy challenges facing the Fund’s diverse global membership. - Have a firm commitment to, and an appreciation of, multilateral cooperation, demonstrate capacity to be objective and impartial, and be an effective communicator. - The candidate profile is the same as in 2011, 2016 and 2019. ### Nomination and candidacy - 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. ### Shortlisting and selection procedures - 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. ### Voting mechanics and institutional details - 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. ### Age-limit amendment and rationale - 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. --- ## References - [IMF Executive Board Selects Kristalina Georgieva to Serve A Second Term As Managing Director](https://www.imf.org/en/News/Articles/2024/04/12/pr24113-imf-executive-board-selects-kristalina-georgieva-to-serve-a-second-term-as-managing-director) - [IMF Executive Board Statement on the Managing Director’s Selection Process](https://www.imf.org/en/News/Articles/2024/04/04/pr24106-imf-executive-board-statement-managing-directors-selection-process) - [Press Release: IMF Executive Board Initiates Selection Process for the Next Managing Director](https://www.imf.org/en/News/Articles/2024/03/13/pr2386-imf-exec-board-initiates-selection-process-next-md) - [IMF Executive Board: Governors Remove Age Limit for the Position of Managing Director](https://www.imf.org/en/news/articles/2019/09/05/pr19325-imf-executive-board-governors-remove-age-limit-for-the-position-of-managing-director) - [Age Limit for the Managing Director : Proposed Amendment of Section 14(c) of the By-Laws](https://www.imf.org/en/Publications/Policy-Papers/Issues/2019/09/05/Age-Limit-for-the-Managing-Director-Proposed-Amendment-of-Section-14-c-of-the-By-Laws-48658) _Source: https://www.imf.org/en/about/factsheets/sheets/2022/md-selection-process/qandas_