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IMF executive board recommends scrapping age limit for Georgieva

IMF executive board recommends scrapping age limit for Georgieva

The International Monetary Fund's board recommended a rule change that would scrap the age limit for its leader. This move considers as clearing the path to the top job for Bulgaria's Kristalina Georgieva.

Georgieva, the European Union's candidate to serve as IMF managing director, turned 66 which make her too old for the job by just a few days, under the rules in place since 1951 stipulating that candidates be 65 or younger.

If appointed, Georgieva would become the IMF's second female managing director after Christine Lagarde. IMF plans to select a new leader to replace Lagarde by October 4.

About IMF

The International Monetary Fund, also known as the Fund, is an international organization, consisting of 189 countries working to foster global monetary cooperation, secure financial stability, and reduce poverty around the world while periodically depending on World Bank for its resources.

It headquartered in Washington, D.C. Formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945. It now plays a central role in the management of balance of payments difficulties and international financial crises.

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