US President Donald Trump's administration is considering nominating Jeffrey Okamoto, Assistant Secretary of the Treasury, as the first deputy managing director of the International Monetary Fund (IMF), Kristalina Georgieva, citing three people familiar with the process of selection.

This could enhance the influence of the Trump administration on the IMF, an institution it sees as an ally in its efforts to end Chinese trade and economic practices, the agency notes.

If appointed, Okamoto, 35, will replace 66-year-old David Lipton as the second person in the international financial institution hierarchy. It was announced on Friday that the American economist who holds the post since 2011 - longer than anyone in the IMF's history - will retire at the end of this month.

Lipton worked for two Democratic presidents - Bill Clinton and Barack Obama.

Okamoto joined the US Treasury Department in 2017 and participated in trade talks with China.

Spokesmen for the International Monetary Fund and the US Treasury Department declined to comment.

By tradition, the second person in the IMF hierarchy is a US citizen who is the largest shareholder in the fund, and a European is elected managing director.

Kristalina Georgieva - a Bulgarian economist who heads the International Monetary Fund in October - announced the departure of Lipton as part of the changes she made to the leadership of the institution. She will have to accept the nomination of the Trump administration and submit it to the IMF Board of Directors, Reuters notes.

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