Press Release No. 07/159

Press Release: IMF Executive Board Moves Ahead With Process of Selecting the Fund's Next Managing Director

July 12, 2007

The Executive Board of the International Monetary Fund (IMF) issued the following statement today:

"The Executive Board has decided to adopt a process for selecting a successor to the current Managing Director, Rodrigo de Rato, by establishing a candidate profile and a selection procedure for the next Managing Director. Specifically:

1. 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 185 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 also be an effective communicator.

2. An individual may be nominated for the position of Managing Director by an Executive Director. An Executive Director may nominate nationals of any of the Fund's members. Any nomination shall be communicated to the Executive Board through the Fund's Secretary. The nomination will be held in confidence by the Executive Board until the Dean, who is the longest-serving member of the Board, on behalf of the Executive Board, obtains confirmation from the nominee of his or her willingness to be considered as a candidate. The nomination period will commence immediately and will close on August 31, 2007.

3. In September, the Executive Board will consider the candidate(s) who have been nominated on the basis of the above candidate profile, without geographical preferences. As an initial step, the Executive Board will meet with the candidate(s) in Washington, D.C. Thereafter, the Executive Board will meet to discuss the strengths of the candidate(s) and make a selection. Although the Executive Board may select a Managing Director by a majority of votes cast, the objective of the Executive Board is to select the Managing Director by consensus."