The Board of Executive Directors of the International Monetary Fund has recommended that the age limit for the Managing Director of the Fund be dropped. This statement paves the way for Kristalina Georgieva, who is a candidate for the European Union, to head the IMF.

The 24-member Executive Board of the International Monetary Fund has recommended that the age limit for managing director be removed. The change must be approved by a simple majority of the Management Board of the Fund, which includes all 189 member countries of the Organization.

Under current rules, a candidate for a new IMF chief must be under the age of 65 and reign until the age of 70 at the latest. Changes to these rules should be voted on by 4 September.

The abolition of the age restriction will open the way for Kristalina Georgieva to become Managing Director of the International Monetary Fund. After difficult negotiations and strong support from France and the southern member states, she was selected as a European Union candidate for the post. Her age is currently hindered because Georgieva turned 66 a week ago.

Since January 2017, Kristalina Georgieva is the CEO of the World Bank. After being nominated as a Managing Director of the International Monetary Fund, she has been on administrative leave for the electoral process.

Traditionally, the Fund is run by a European, and her successful career and international experience give her a great advantage. However, the United States has hinted that they may also come forward with their candidacy.

The names of the other nominees will become clear by September 6, and the new IMF director will be elected on October 4.

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