AFRICA – The International Monetary Fund is set to appoint a new managing director (MD) to replace Christine Lagarde who is leaving the multilateral lending institution as from September 12.

Largarde had tendered in her resignation in July after she was appointed head of the European Central Bank (ECB).

Reports from the IMF show that the institution is in the advanced stages of selecting a new MD with a possible candidate already identified.

“The period for submitting nominations for the position of the next managing director closed on Friday, September 6,” read the statement from the IMF.

“One nominee, Ms. Kristalina Georgieva, currently Chief Executive Officer of the World Bank and a Bulgarian national, has confirmed willingness to be considered as a candidate.”

The IMF further added that it was proceeding to the next stage of the selection process which included holding meetings between the candidate and executive directors.

The monetary fund was running against time to fill the position which will be vacant as from September 12 and aims to complete the selection process before October 4, 2019.

Georgieva started her career illustrious career as an Environmental Economist with the World Bank and eventually became Director for Environment and Social Development for the East Asia and Pacific Region before being shifted to position of Director in charge of environmental strategy, policies and lending at the same Institution.

She then left for the European Union where she started as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response before being appointed as the European Commission Vice President for Budget and Human Resources.

Prior to her imminent appointment as IMF’s MD, Georgieva currently serves as the Chief Executive of the World Bank, a position she’s held since January 2017.

Georgieva holds a Ph.D in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy.

With the World Bank having a United States citizen, David Malpass as its President, analysts predict that Georgieva will emerge IMF MD, given that she has Europe’s backing.