Thursday , 28 January 2016
Breaking News

IMF’s Lagarde Quits Office July 5

By Busayo Samuel

Ms Christine Lagarde who was one time minister of finance for France and current Managing Director of the International Monetary Fund will exit office come July 5, 2016.
She was joined the IMF as Managing Director some five years ago.
A replacement is currently being sourced to occupy the seat according to the Dean of the Executive Board of the International Monetary Fund (IMF), Mr. Aleksei Mozhin.

“I am very pleased to announce that the Executive Board has adopted an open, merit-based, and transparent process for the selection of the Managing Director, similar to the one used in the previous round.”, he said.
“Individuals may be nominated by a Fund Governor or Executive Director. Like we did in 2011, we aim to reach a decision by consensus.”
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 Chairman 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 fulfill 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. (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 among other requirements.