The International Monetary Fund (IMF) said on Friday that it is scheduled to complete the process of selecting a new managing director by June 30.

"I am very pleased to announce that the Fund's Executive Board has adopted a procedure that allows the selection of the next managing director to take place in an open, merit-based, and transparent manner. There was broad support in the Executive Board for this procedure," Shakour Shaalan, the dean of the IMF's Executive Board, said Friday in a statement.

The successful candidate for the position of managing director will have a distinguished record in economic policymaking at senior levels. He or she will have an outstanding professional background, will have demonstrated the managerial and diplomatic skills needed to lead a global institution, noted the statement.

John Lipsky, acting managing director of the IMF, said at a Thursday event in Washington D.C. that there has been an agreement among the IMF membership that the process of selecting a new leader at the helm should be "open and transparent."

"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," according to the statement.

The Washington-based agency said its 24-member Executive Board will thereafter meet to discuss the strengths of the candidates and make a selection.

Strauss-Kahn, IMF's ex-chief, was arrested in New York Saturday after being accused of sexually attacking a maid at the Sofitel New York hotel.