Race for IMF Managing Director Begins

From January 21, the International Monetary Fund (IMF) will begin accepting nominations and self-nominations to join the race for the position of Managing Director of this financial institution.

Ms. Christine Lagarde's term as IMF Managing Director will end on July 5.

In a statement released on January 20, Mr. Aleksei Mozhin, a member of the IMF Executive Board, said that the current IMF Managing Director Christine Lagarde's five-year term will end on July 5. Therefore, similar to the election in 2011, this financial institution has adopted a public and transparent process to select a person with the appropriate qualifications for this position.

According to Mr. Mozhin, any individual can apply for this position and the final decision will be based on the consensus of the majority of the Executive Committee members. The selection process is expected to last until early March.

Meanwhile, Managing Director Lagarde has repeatedly left open the possibility of running for re-election to have the opportunity to lead the IMF for another term. Up to this point, Ms. Lagarde is the only candidate for the position of Managing Director of the IMF.

Christine Lagarde, former French Finance Minister, took over as head of the IMF in 2011 after defeating her rival, Mexican Central Bank Governor Augustin Carstens.

Ms. Lagarde's five-year term is considered quite busy as she faces many financial challenges, including resolving the European debt crisis and the Greek bailout program.

But Ms Lagarde has not been immune to financial scandals. In December, a French court ordered her to appear in court to clarify her responsibility for paying 400 million euros ($434 million) to businessman Bernard Tapie while she was finance minister.

According to Vietnam+