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Journalism of Courage
The International Monetary Fund8217;s selection process for a new managing director will kick off with nominations on Monday,and the final decision expected by June 30,the institution has said.
8220;I am very pleased to announce that the Fund8217;s Executive Board has adopted a procedure that allows the selection of the next managing director to take place in an open,merit-based,and transparent manner,8221; A Shakour Shaalan,dean of the IMF executive board,said in a statement late yesterday.
The position was opened in extraordinary circumstances this week after the former head Dominique Strauss-Kahn resigned in the wake of a sex scandal.
An individual 8220;may be nominated for the position of Managing Director by a Fund Governor or an Executive Director during a nomination period which shall commence on May 23,2011 and will close on June 10,2011,8221; said the IMF.
The board8217;s aim 8220;is to select the managing director by consensus with the objective of completing the selection process by June 30,2011.8221;
French Finance Minister Christine Lagarde has emerged as Europe8217;s choice to lead the IMF,getting a boost when a Turkish favorite ruled out his candidacy for the powerful job.
Even as leaders in emerging economies clamored for one of their own to take a job monopolised by Europeans since 1946,analysts called Lagarde the odds-on favorite to replace Strauss-Kahn after he stepped down to face sexual assault charges in New York.
Lagarde is 8220;practically a shoo-in8221; as the European Union8217;s candidate to succeed Strauss-Kahn,an EU source said.
