Representatives of the countries that make up the International Monetary Fund (IMF) will vote to drop the age limit imposed on the managing director, paving the way for European nominee Kristalina Georgieva.
Bulgarian Kristalina Georgieva has mustered European support to apply for the post of managing director of the International Monetary Fund (IMF), replacing Christine Lagarde, but age is a problem. But it may no longer be soon.
The 66-year-old EU nominee for the post, who has been in European hands since the establishment of the IMF, bumps into a rule that exists in the Fund: the director-general can only be appointed if he is under 65 and cannot hold office beyond the age of 70 (each term is five years). This is what has happened since 1951.
However, the Washington-based institution is about to eliminate this limit. This Wednesday, August 22, the IMF administration recommended to the board of governors – the representatives of the countries that make up the IMF – to vote on the removal of the age limit that currently applies to the position of director-general.
World Cup, which is not subject to the age limit. ” The IMF and World Bank were created at the same time after the war, emerging from an agreement between the US and European countries.
The age limit will fall if there was a simple majority, as long as there is a minimum participation of the majority of governors who have two-thirds of the voting quotas, which depend on the weight of each country in the capital of the IMF. The vote will take place between 21 August and 4 September.
Christine Lagarde will officially leave the Fund on September 12. Candidates for your succession should be closed on September 6 and the selection process will close on October 4.