Africa-Press – Uganda. The executive board of the International Monetary Fund (IMF) has kicked off the process of appointing a new managing director to continue driving the fund’s economic policies which matters for all its member countries including Uganda.
The process is set to end by April 2024.
The benefits of being an IMF member state like Uganda is that the fund also provides technical assistance and financial support when a member country needs it.
Ms Kristalina Georgieva currently serves as Managing Director of the International Monetary Fund, a position she was selected for on September 25, 2019.
The coordinators of the Executive Board of the IMF, Mr Afonso S. Bevilaqua and Mr Abdullah F. BinZarah jointly said in a statement: “We are very pleased to announce that the Executive Board has adopted an open, merit-based, and transparent process for the selection of the next Managing Director, similar to the one used in recent rounds.”
They said the Executive Board underscores the importance it places on the successful candidate having the requisite global standing to lead the Fund, which stands at the center of the global financial system.
“Individuals may be nominated by a Fund Governor or Executive Director and as with past practice, we aim to reach a decision by consensus. The Board intends to complete the process by end-April 2024,” the two officials stated.
Mr Afonso and Mr Abdullah said the board approved the decision as outlined: The successful candidate for the position of Managing Director will have a distinguished record in economic policymaking at senior levels.
He or she will have an outstanding professional background, demonstrated the managerial and diplomatic skills needed to lead a global institution, and a national of any of the Fund’s members.
“As chief of the Fund’s staff and as Chair of the Executive Board, he or she will be capable of providing strategic vision for the work of a high quality, diverse, and dedicated staff; and will be firmly committed to advancing the goals of the Fund by building consensus on key policy and institutional issues, including through close collaboration with the Executive Board, under whose direction he or she will fulfill his or her responsibilities,” they said.
An individual may be nominated for the position of Managing Director by a Fund Governor or an Executive Director during the period that shall commence on March 14, 2024, at 12:01 a.m. Washington, D.C. time and will close on April 3, 2024, at 11:59 p.m. Washington, D.C. time.
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