WASHINGTON, July 7: The International Monetary Fund executive board will meet on Monday to consider the selection process for a successor to IMF chief Rodrigo Rato, a spokeswoman said on Friday.

“There will be an informal meeting of the executive board on July 9 on the selection process of the managing director,” the spokeswoman, Conny Lotze, told AFP. She provided no further details.

Rato said last week he was stepping down for personal reasons in late October, two years before his mandate is to expire.

The surprise announcement on June 28 has spawned speculation about his successor at the 185-country financial institution. By tradition Europe chooses the head of the IMF and the United States picks the president of the World Bank, the IMF’s sister institution.

Developing countries for years have protested in vain against the practice and have called for an open competition for both posts.

The IMF board meeting on Monday will coincide with a meeting of the so-called Eurogroup, which comprises the finance ministers of the 13 eurozone countries.—AFP