WASHINGTON (Reuters) - The International Monetary Fund has begun the process of selecting its next managing director and intends to choose a candidate by the end of April, the global lender's executive board said on Wednesday.

The five-year term of the IMF's current managing director, Kristalina Georgieva, ends on Sept. 30.

"The Executive Board underscores the importance it places on the successful candidate having the requisite global standing to lead the Fund, which stands at the center of the global financial system," the board said in a statement.

European Union finance ministers on Tuesday endorsed Georgieva for a second term at the helm of the lender of last resort.

Traditionally, European countries recommend the managing director of the IMF and the United States recommends the head of the World Bank.

Georgieva, 70, the IMF's 12th managing director since its 1944 founding, said last week she would be honored to serve a second term heading the institution.

In its statement, the IMF's board said it aims to reach a decision on the next managing director "by consensus."