The International Monetary Fund (IMF) votes yesterday for a new managing director, with former Spanish Economy Minister Rodrigo Rato expected to maintain the tradition of a European heading the global lender.

Rato's expected appointment by the 24-member executive board would be a triumph for the political status quo over change sought by developing countries that want to end a 60-year custom of a European heading the IMF.

Rato, 55, was interviewed by the board last week, along with a second candidate, Mohammed El-Erian, a former senior IMF official.

El-Erian was nominated by IMF Egyptian director Shakour Shaalan, who led the developing world's push for a more inclusive selection process.

Rato's nomination by the European Union on April 20 was backed by the United States, which traditionally appoints the head of the World Bank and is the largest shareholder of both institutions.