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IMF executive board calls for removal of age limit for managing director

The International Monetary Fund's executive board recommended a vote by the body's board of governors to eliminate a rule that prevents a candidate aged 65 or above from being appointed as managing director.

The removal of the age limit would open up the position for 66-year old World Bank Group CEO Kristalina Georgieva, the candidate nominated by the European Union to succeed Christine Lagarde, who in turn is slated to head the European Central Bank later this year.

The rule also prohibits a managing director from remaining in the position after turning 70. Removing the age limit would bring the IMF managing director's terms of appointment in line with those of members of the executive board and of the World Bank's president, the fund noted.

The proposal will be voted on from Aug. 21 to Sept. 4. The IMF aims to select a new managing director by Oct. 4.