IMF Plans to Select Next President by End of April

The International Monetary Fund (IMF) Executive Board has initiated the process to select the next president of the fund, aiming to complete the process by the end of April, according to a statement released by the board.

As the five-year term of IMF Managing Director Kristalina Georgieva is set to expire on September 30, an announcement regarding the election of a new president has been made.

The statement indicated that the IMF Executive Board has commenced the process to select the next president.

It was noted in the statement that the new president could be nominated by the Fund Governor or an Executive Director, and the goal is to reach a unanimous decision, as has been the practice in the past. The completion of the process is planned by the end of April.

The statement emphasized the importance placed by the Executive Board on finding a successful candidate with a global stature to manage the fund, which plays a central role in the global financial system.

Georgieva had announced last week her intention to serve a second term in the management of the IMF.

Finance ministers of European Union (EU) member states also declared their support yesterday for Georgieva to serve another term as the president of the IMF.

Traditionally, the IMF President is chosen by European countries, while the President of the World Bank is selected by the United States.

source: prepared by Melisa Beğiç

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