French Finance Minister Christine Lagarde and Governor of the Bank of Mexico Agustin Carstens will fight it out for the top job.

The post became available after the former head of the IMF Dominique Strauss-Kahn resigned.

Mr Strauss-Kahn was arrested in the US last month on charges of an alleged sexual assault.

The IMF said it expects to complete the selection process by 30 June. "The Executive Board will meet with the candidates in Washington DC and, thereafter, meet to discuss the strengths of the candidates and make a selection," the fund said.

Ms Lagarde is considered by many as the front runner for the post. She is backed by the European Union and in recent days she has also won the support of Egypt, Indonesia, and the United Arab Emirates.

Mr Carstens has the support of Latin American countries. However, he acknowledged that his rival had the edge in the race.

"I'm not fooling myself. It's like starting a soccer game with a 5-0 score," Mr Carstens said during an appearance at the Peterson Institute for International Economics on June 13.