International Monetary Fund

 

The executive board of the International Monetary Fund says it has asked Nigeria and other 188 member countries to vote on removing age barriers to who becomes the managing director of the international lending institution.

In a statement made available to SaharaReporters, the board is seeking to amend its by-laws to allow it select persons older than 65 and to permit the selected individual, the right to stay in office beyond his or her 70th birthday.

The board's reason to change the rules, the statement pointed out, was to bring it in alignment with that of its sister-organization, the World Bank.

“The Executive Board has today recommended that the IMF Board of Governors vote to remove the age limit that currently applies to the position of IMF Managing Director with those of members of the IMF Executive Board, which the Managing Director chairs, and those of the President of the World Bank Group, who are not subject to an age
limit,” the IMF said.

It explained further, "The board of governors who represent the 189 members, will vote on the matter from Wednesday 21 to Wednesday, September 4. A simple majority from governors who control 2-3rd of the lender’s shares will be enough to legalize the change. The Executive Board has today recommended that the IMF Board of Governors vote to remove the age limit that currently applies to the position of IMF Managing with those of members of the IMF Executive Board, which the
Managing Director chairs, and those of the President of the World Bank Group, who are not subject to an age limit.”

The board of governors who represent the 189 members, will vote on the matter from Wednesday 21 to Wednesday, September 4.

A simple majority from governors who control 2-3rd of the lender’s shares will be enough to legalize the change.

The statement added, “The IMF Board of Governors, which represents the 189 member countries according to their voting shares, is requested tovote on the proposal. A simple majority of the votes cast is required to adopt the proposal, with a minimum participation requirement of a
majority of Governors holding two-thirds of the total voting power. Voting is scheduled to run from August 21 to September 4.”

The board is in the process of choosing a successor to Christine Lagard, while nominations for her replacement ends on September 6 and the world will know the new managing director by October 4.

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