The International Monetary Fund on Monday said World Bank Chief Executive Officer Kristalina Georgieva was the sole candidate to lead the fund. The announcement was made after no other candidates came forward to contest for the post, AFP reported.

Georgieva will replace 63-year-old former French Finance Minister Christine Lagarde, who is departing the international organisation after eight years for the European Central Bank. Lagarde is the first woman to lead the fund.

“The board’s goal is to complete the selection process as soon as possible and at the latest by October 4, 2019,” the IMF executive board said in a statement. The IMF said the Bulgarian economist would now meet its executive directors.

The nomination period for the post closed last Friday, a day after IMF member countries voted to remove an age limit for managing director. The laws earlier dictated that managing directors be under 65 years when taking office and prohibited them from serving past their 70th birthday.

Georgieva had said last month that she was honoured to be nominated to lead the IMF, and was taking leave from her work at the World Bank.

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