‘Open, Merit-Based’ Search for New Leader launched by IMF

Media IN WASHINGTON  26th July, 2019 WAM

The International Monetary Fund said on Friday its executive board adopted an “open, merit-based and transparent” process to select a new leader to replace Christine Lagarde, with the aim of choosing a candidate by Oct. 4.

The IMF’s board in a statement made no mention of specific potential candidates, but said its next leader could come from any of its member countries and should have a “distinguished record” in senior-level economic policymaking.

The successful candidate also will have the management and diplomatic skills needed to run a large global organization, the board said.

Lagarde will replace European Central Bank Chairman Mario Draghi in November. On Thursday he ruled himself out as a candidate to lead the IMF.

In Brussels, a French official said European Union governments were working to choose a single candidate from a field that has grown to five with the addition of World Bank Chief Executive Officer Kristalina Georgieva, a Bulgarian national and former EU senior official.

The others under discussion are Jeroen Dijsselbloem, the Dutch former head of euro zone finance ministers; Nadia Calvino, the Spanish economy minister; Mario Centeno, the Portuguese chairman of euro zone finance ministers; Olli Rehn, the Finnish central bank governor, the official said.

Since its founding at the end of World War Two, the IMF has been led by a European, and analysts say the tradition is likely to continue this time around, given apparent U.S. support for a European candidate

The European selection debate is being coordinated by France, whose finance minister Bruno Le Maire had said he was aiming for a decision on a European candidate by the end of July.