IMF board blocks Fischer from contesting the top job

THE International Monetary Fund’s board has blocked Bank of Israel governor Stanley Fischer from the race for the top IMF job, further boosting the chances of French finance minister Christine Lagarde.

In a surprise move, the 24-member IMF board rejected changing their rules that would have allowed 67-year-old Fischer to run, two board officials told Reuters. IMF rules stipulate an age limit of 65 for an incoming managing director.

The officials said changing the rules for Fischer, who is highly respected by both advanced and emerging economies, would have required a reopening of the selection process to allow other candidates older than 65 to participate in the race.