EU nominates World Bank CEO to lead IMF

Brussels: The EU has nominated Kristalina Georgieva as its candidate to be the next president of the International Monetary Fund (IMF).

Jean-Claude Juncker, president of the European Commission, congratulated Georgieva on her nomination in a tweet.

"You have all of the qualities needed to make an effective contribution to the IMF's mission," Juncker said.

Georgieva, a 66-year-old Bulgarian national, is currently serving as chief executive of the World Bank.

Other shortlisted candidates from the EU included former Dutch finance minister Jeroen Dijsselbloem, who also congratulated Georgieva in a tweet. Olli Rehn, governor of the Bank of Finland, pulled out of vote on Friday afternoon.

Last month, Christine Lagarde announced her resignation from the IMF president position with effect from September 12 2019. She is expected to replace Mario Draghi as head of the European Central Bank later this year.

IMF member countries can make nominations until September 6. The IMF board then aims to complete the selection process by October 4.

The position of IMF chief has traditionally been held by Europeans while the head of the World Bank has traditionally been American, an informal arrangement that has stayed in place for over seven decades.