The International Monetary Fund said its executive board has initiated the selection process for its next managing director, Paralel.Az reports citing Anadolu Agency.

The IMF said the board has "adopted an open, merit-based, and transparent process" for the selection process, adding the board aims to reach a decision by consensus by the end of April.

"The successful candidate for the position of Managing Director will have a distinguished record in economic policymaking 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," it said in a statement on Wednesday.

Kristalina Georgieva, the IMF's current managing director, is widely expected to be renominated for a second five-year term, after her current term expires on Sept. 30.