The selection process for a
new Managing Director for the International Monetary Fund (IMF) has begun, its
Board Coordinators have said.
The Board Coordinators of the
Executive Board of the IMF, Mr Afonso Bevilaqua and Mr Abdullah BinZarah, made
the disclosure in a statement made available to the News Agency of Nigeria(NAN)
on Thursday in Abuja.
“We are very pleased to
announce that the Executive Board has adopted an open, merit-based, and
transparent process for the selection of the next Managing Director, similar to
the one used in recent rounds.
“The executive board
underscores the importance it places on the successful candidate having the
requisite global standing to lead the fund, which stands at the centre of the
global financial system.
“Individuals may be nominated
by a fund Governor or Executive Director and as with past practice, we aim to
reach a decision by consensus. The board intends to complete the process by the
end of April 2024.”
The board coordinators said
the board approved the decision as outlined below:
“The successful candidate for
the position of managing director will have a distinguished record in economic
policymaking at senior levels.
“He or she will have an
outstanding professional background, will have demonstrated the managerial and
diplomatic skills needed to lead a global institution, and will be a national
of any of the fund’s members.
“As Chief of the fund’s staff
and as Chair of the Executive Board, (s)he will be capable of providing
strategic vision for the work of a high-quality, diverse, and dedicated staff.
“S(he) will be firmly
committed 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 (s)he will fulfil his or her
responsibilities.
“(S)he will have a proven
understanding of the fund and the policy challenges facing the fund’s diverse
global membership.”
According to the statement,
S)he will have a firm commitment to, and an appreciation of, multilateral
cooperation and will have a demonstrated capacity to be objective and
impartial. (S)he will also be an effective communicator.
The statement said: “An
individual may be nominated for the position of managing director by a fund governor
or an executive director during a nomination period.
“This nomination period shall
commence on March 14, 2024, at 12:01 a.m. Washington, D.C. time and will close
on April 3, 2024, at 11:59 p.m. Washington, D.C. time.
“All nominations shall be
communicated to the fund secretary, who 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.”
It noted that: ”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.
“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, taking into
account the above candidate profile without geographical preferences.
“The shortlisting process will
be implemented through indications of which candidates receive the most support
among directors, taking into account the fund’s weighted voting system.
“This is with the objective of
completing the shortlisting process within seven days following the disclosure
to the board of the candidates.
“Although the executive board
may adopt a shortlist by a majority of the votes cast, the objective of the
executive board is to adopt a shortlist by consensus. The shortlist shall be
published by the fund.”
The statement adds: “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
of the board is to select the managing director by consensus to complete the
selection process by the end of April 2024,” it said.
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