IMF executive board seeks removal of age cap for MD position

The Executive Board of the International Monetary Fund (IMF) on Thursday August 22, 2019 recommended that the IMF Board of Governors vote to remove the age limit that currently applies to the position of the Fund’s Managing Director.

Since 1951, the IMF’s By-Laws have prohibited the appointment of a candidate aged 65 or over as Managing Director, and have also prohibited the Managing Director from serving past his/her 70th birthday.

A statement by the Washington-based Fund stated that eliminating the age limit would bring the Managing Director’s terms of appointment into line with those of members of the IMF Executive Board, which the Managing Director chairs, and those of the President of the World Bank Group, who are not subject to an age limit.

“The IMF Board of Governors, which represents the 189 member countries according to their voting shares, is requested to vote on the proposal. A simple majority of the votes cast is required to adopt the proposal, with a minimum participation requirement of a majority of Governors holding two-thirds of the total voting power. Voting is scheduled to run from August 21 to September 4.

“The IMF Executive Board is engaged in the selection of a successor to outgoing Managing Director Christine Lagarde, who will step down on September 12. Nominations to the position close on September 6, 2019, and we intend to complete the selection process by October 4.”

The Executive Board on July 26 announced that it had adopted an open, merit-based, and transparent process for the selection of the next Managing Director, similar to the one used in recent rounds. It underscored 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.

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“The IMF Board of Governors, which represents the 189 member countries according to their voting shares, is requested to vote on the proposal.

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According to the IMF, 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; and 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.

In addition, (s)he will have a proven understanding of the Fund and the policy challenges facing the Fund’s diverse global membership. (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.

IMF