IMF to start selecting new leader

Added On July 19, 2019

International Monetary Fund (IMF) Executive Board has said that it will initiate promptly the process of selecting the next managing director.

The move came after Christine Lagarde announced her resignation from the IMF position with effect from September this year. 
Lagarde was nominated for the presidency of the European Central Bank (ECB) two weeks ago, as part of the European Union (EU) leaders' agreement on the future leadership of top EU institutions.
She then decided to temporarily step down from the IMF leadership during the nomination period.
The position of IMF chief has always been held by Europeans while the head of the World Bank has traditionally been American.
It has been an informal arrangement that has stayed in place for over seven decades.    
On July 5, 2011, Lagarde became the 11th managing director of the IMF, and the first woman to hold this position.
She was elected to a second five-year term as the IMF managing director, which started on July 5, 2016.
Prior to joining the IMF, Lagarde served as France's finance minister from 2007 to 2011.