The Executive Board of the International Monetary Fund (IMF) has removed age limit for the position of Managing Director.
A statement by IMF also announced that nominations for the position closed Friday, September 6 while selection process will be concluded on October 4.
It said: “Since 1951, the IMF’s By-Laws had prohibited the appointment of a candidate aged 65 or over as Managing Director, and had also prohibited the Managing Director from serving past his/her 70th birthday.
“The amendment to the By-Laws adopted by the Board of Governors, which is effective immediately, brings the Managing Director’s terms of appointment into line with those of members of the IMF Executive Board, which the Managing Director chairs, and those of the President of the World Bank Group, who are not subject to an age limit.
“The IMF Executive Board is engaged in the selection of a successor to outgoing Managing Director Christine Lagarde, who will step down on September 12.”