IMF initiates process for selecting new Chief

The post went vacant following former International Monetary Fund managing director Dominique Strauss-Kahn resigned in the wake of a sex scandal.An individual may be nominated for the position of managing director by a Fund governor or an executive director during a nomination period which shall commence on May 23, 2011 and will close on June 10, 2011, said the IMF.The boards aim is to select the managing director by consensus with the objective of completing the selection process by June 30, 2011.French Finance Minister Christine Lagarde emerged as Europes choice to lead the IMF, getting a boost when a Turkish favourite ruled out his candidacy for the powerful job.Meanwhile, former IMF chief Dominique Strauss-Kahn has left jail and is believed to be staying in an apartment in lower Manhattan.