Washington: International Monetary Fund (IMF) has said that selection of new managing director for IMF would be completed by June 30 when it sets in motion to find a suitable replacement of Dominique Strauss-Kahn, who resigned this week following rape charges against him.

"The selection of the next IMF Managing Director would take place in an open, merit-based, and transparent manner" the Dean of IMF Executive Board, Shakour Shaalan said.

He also added that there would be no geographical preference during the selection process.

Giving details of the selection process, Shaalan said on Friday that the nomination process would formally begin on May 23 after which an individual may be nominated for the position of Managing Director by a Fund Governor or an Executive Director. The last date of the nomination is June 30.

"The successful candidate for the position of Managing Director will have a distinguished record in economic policy making at senior levels. He or she will have an outstanding professional background, will have demonstrated the managerial and diplomatic skills needed to lead a global institution and
will be a national of any of the Fund's members," Shaalan said.

At the end of the nomination period, Shaalan will disclose to the Executive Board the names of those nominees who have confirmed their desire to be candidates.

"If the number of candidates exceeds three, the Executive Board will keep the names of these nominees in confidence until it has drawn up a shortlist of three candidates, taking into account the above candidate profile without geographical preferences. The IMF would make public the names of the shortlisted candidates," he said.

The IMF Dean said that as chief of the Fund's staff and as Chairman of the Executive Board, the successful candidate will be capable of providing strategic vision for the work of a high quality, diverse, and dedicated staff.

The new managing director will be firmly committed to advance the goals of the Fund by building consensus on key policy and institutional issues. The candidate will have a proven understanding of the Fund and the policy challenges facing the Fund's diverse global membership, Shaalan added.