International Monetary Fund (IMF) Managing Director Christine Lagarde speaks during a roundtable with CEMAC Ministers of Finance at the Hilton Hotel in Yaounde, Cameroon January 8, 2016. [Photo/Agencies]

WASHINGTON - The International Monetary Fund (IMF) on Wednesday kicked off the selection process for its next managing director to replace Christine Lagarde, whose term will expire in early July.

According to an IMF announcement, the fund will receive nominations from Jan. 21 to Feb. 10, and then its 24-member Executive Board will select three candidates from them.

The IMF board is expected to complete the selection process by March 3, and the new managing director's term will begin on July 5.

Lagarde said last year that she was open to serving a second term. No challengers have expressed running intention as yet.

Lagarde, a former French finance minister, took over as head of the IMF in 2011. She is the first woman to lead the Washington-based institution.