As Christine Lagarde's Exit Looms, IMFNews Removes Age Limit For Managing Director | Sahara Reporters Since 1951, the IMF’s by-Laws had prohibited the appointment of a candidate aged 65 or over as managing director and had also prohibited... READ MORE:
The executive board of the International Monetary Fund has removed the age limit for the position of managing director.
The amendment to the by-laws adopted by the board of governors, which is effective immediately, brings the managing director’s terms of appointment into line with those of members of the IMF executive board, which the managing director chairs, and those of the president of the World Bank Group, who are not subject to an age limit.
The IMF's board of governors is the highest decision-making body of the IMF and consists of one governor and one alternate governor appointed by each member country. The board functions in continuous session and is responsible for conducting the business of the IMF. It is composed of 24 directors, who are elected by member countries or by groups of countries. The managing director serves as its chairman.
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