The International Monetary Fund (IMF) will vote on the proposal made by its executive board to abolish the age limit to access the position of managing director of the organization, a necessary measure for Kristalina Georgieva , current CEO of the World Bank and European candidate for choose to succeed Christine Lagarde , may hold the position.

"The Board of Executive Directors has recommended today that the Board of Governors of the IMF vote to eliminate the age limit currently applied to the position of managing director of the IMF," the international body announced in a statement issued after the meeting held on Wednesday.

Since 1951, the IMF Statutes have banned the appointment of a candidate 65 years of age or older as managing director and have not allowed the person in office to perform their duties once they are 70 years old. If this standard is maintained, the Bulgarian economist could not be elected to the position, since she turned 65 on August 13.

The executive board argues that eliminating the age limit would adapt the conditions of the appointment of the managing director to those of the members of the IMF executive board , which is chaired by the managing director himself, and to those of the president of the World Bank Group, who are not subject to an age limit.

"The Board of Governors of the IMF, which represents the 189 member countries according to their relative number of votes, is asked to vote on the proposal," said the IMF, adding that the vote is scheduled to take place between 21 August and September 4.

To adopt the proposal, a simple majority of the votes cast is required, with a minimum requirement for the participation of a majority of governors who meet two thirds of the total votes.

The IMF began this summer the process to select the person who will succeed Christine Lagarde, who will leave office on September 12 to later occupy the position of President of the European Central Bank (ECB). The deadline for submission of applications is closed on September 6 and the selection process is expected to be completed no later than October 4.

GEORGIEVA PROPOSAL

The current CEO of the World Bank, the Bulgarian Kristalina Georgieva, imposed on the former Dutch Minister of Finance and former president of the Eurogroup Jeroen Dijsselbloem as a European candidate to choose to succeed Lagarde in the final vote held on August 2.

The fact that Georgieva needed a change in the rules of the procedure at the IMF because the current ones currently prohibit the appointment of a candidate with the age of 65 for the position of managing director , was a problem for countries such as Sweden and Germany, as reported by diplomatic sources.

The Secretary of the US Treasury, Steve Mnuchin, had indicated to the French Minister of Economy, Bruno Le Maire, that he was in charge of coordinating negotiations within the EU with the aim of forging a European consensus candidacy, which "will support the change "of rules necessary so that the age limit is not a problem for Georgieva.

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  • IMF
  • Christine Lagarde
  • Kristalina Georgieva
  • Sweden
  • Jeroen Dijsselbloem
  • Eurogroup
  • European Central Bank
  • Germany
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  • World

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