The International Monetary Fund (IMF) initiated the process to select its next leader on the 13th of March.

Kristalina Georgieva, the current managing director, is expected to be renominated for a second five-year term. Georgieva, 70, has led the IMF since 2019 and expressed willingness to continue if backed by member states.

The IMF’s executive board coordinators, Afonso Bevilaqua, and Abdullah Bin Zarah, declared an open, merit-based, and transparent process for the selection of the next managing director. They aim to complete the process by the end of April 2024.

The IMF has been led by a European under an agreement between Europe and the United States. Last year, this tradition was reinforced when the US nominated Ajay Banga to lead the World Bank.

Speculation arose about Georgieva’s candidacy as her current term neared its end. Recent endorsements from key European allies, including France and Bulgaria, have supported her bid. On Tuesday, European Union (EU) finance ministers unanimously backed Georgieva for a second term.

Belgium Finance Minister Vincent Van Peteghem expressed satisfaction with the EU’s decision, citing trust in Georgieva’s leadership during crises and her support for all members.

The EU’s support significantly diminishes the chances of other candidates, such as Paschal Donohoe of Ireland.