The IMF has Removed the Last Obstacle to Kristalina Georgieva's Bid for Leadership Position

Finance | September 6, 2019, Friday // 10:25|  views

The International Monetary Fund has announced that it has approved a change in its statutes to remove the age requirement for the position of managing director, which removes the last obstacle to the nomination of Bulgarian Kristalina Georgieva, France Press reported.

In a statement, the IMF recalls that, since 1951, the general provisions prohibited the appointment of a candidate aged 65 or more as managing director and did not allow the holder to perform his functions after the age of 70.

Amendments to the general rules approved by the Governing Board, effective immediately, equate the conditions for the appointment of a Managing Director to those for members of the Board of Directors, chaired by the Managing Director, and for the non-subject World Bank Group Chairman at any age, says the Washington-based institution.

The change approved just before the completion of the application process, will allow the acceptance of Kristalina Georgieva's. She is currently the World Bank's second-ranked employee and turned 66 on August 13th.

For the moment, Georgieva is the only known candidate. She was nominated as an EU candidate on 2 August after a vote highlighting community divisions