The International Monetary Fund (IMF) is led by a Managing Director (MD). Managing Director is head of the staff and serves as Chairman of the Executive Board. Since its inception the Managing Director of IMF has been European which has become apple of discord among the Non-European countries. Managing Director of the IMF is selected by the Executive Board consists of 24-member.
Duties of the Managing Director
According to the IMF's Articles of Agreement, the Managing Director “shall be chief of the operating staff of the Fund and shall function, under the direction of the Executive Board. The Managing Director shall be responsible for the appointment, organization and dismissal of the staff of the Fund.
The Managing Director of IMF is assisted by a First Deputy Managing Director and 3 Deputy Managing Directors.
The IMF has had 12 Managing Directors since it began operations in 1947. The first MD of the IMF was Mr. Camille Gutt (Belgium). Christine Lagarde of France became the IMF’s 11th Managing Director on July 5, 2011 and from July 2016, she also served served her second five year term which is completed on October 2019.
Currently, Kristalina Georgieva serving as 12th Managing Director of International Monetary Fund, since October, 01, 2019 and from October 1, 2024, she has also started her second term to serve as a Managing Director of IMF.
List of Managing Directors of IMF is as follows;
| Name | Tenure | Nationality |
| 1. Camille Gutt | 6 May 1946 – 5 May 1951 | Belgium |
| 2. Ivar Rooth | 3 August 1951 – 3 October 1956 | Sweden |
| 3. Per Jacobsson | 21 November 1956 – 5 May 1963 | Sweden |
| 4. Pierre-Paul Schweitzer | 1 September 1963 – 31 August 1973 | France |
| 5. Johan Witteveen | 1 September 1973 – 18 June 1978 | Netherlands |
| 6. Jacques de Larosière | 18 June 1978 – 15 January 1987 | France |
| 7. Michel Camdessus | 16 January 1987 – 14 February 2000 | France |
| 8. Horst Köhler | 1 May 2000 – 4 March 2004 | Germany |
| 9. Rodrigo Rato | 7 June 2004 – 31 October 2007 | Spain |
| 10. Dominique Strauss-Kahn | 1 November 2007 – 18 May 2011 | France |
| 11. Christine Lagarde | 5 July 2011 – 12 Setember 2019 | France |
| 12. Kristalina Georgieva | 1 October 2019 - Present | Bulgaria |
In the above mentioned list all the Managing Directors of IMF belongs to Europe. This practice is continuing since the inception of the IMF. Some big countries and organisations like BRICS is raising voice against the monopoly of European nations in the selection process of the IMF boss. We are optimistic that vary soon the world leader have to admit that the post of IMF head should be filled on the basis of merit only.
Recently, Urjit Patel, the former Governor of Reserve Bank of India (RBI), has been appointed as Executive Director of the International Monetary Fund by the Indian Prime Minister, Narendra Modi. The appointment committee of the cabinet has approved his appointment for a period of three years.
Also Read: International Monetary Fund (IMF): Check its Headquarter Location, Objectives & Functions
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