The International Monetary Fund’s selection process for a new managing director will kick off with nominations on Monday,and the final decision expected by June 30, the institution has said.

“I am very pleased to announce that the Fund’s Executive Board has adopted a procedure that allows the selection of the next managing director to take place in an open, merit-based, and transparent manner,” A Shakour Shaalan, dean of the IMF executive board, said in a statement late yesterday.

The position was opened in extraordinary circumstances this week after the former head Dominique Strauss-Kahn resigned in the wake of a sex scandal.

An individual “may be nominated for the position of Managing Director by a Fund Governor or an Executive Director during a nomination period which shall commence on May 23, 2011 and will close on June 10, 2011,” said the IMF.

Source – PTI

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