Five key members of the International Monetary Fund are saying the procedure to pick the organization's next head, should reflect the changing realities of the global economy, and not be done on the basis of nationality.

The IMF directors for Brazil, Russia, India, China, and South Africa -- known as the BRICS nations -- reiterated this in a joint statement issued Tuesday. They noted that selecting a Managing Director based, in practice, on nationality undermines the legitimacy of the Fund. They also rejected that the successor to former IMF chief Dominique Strauss-Kahn should be a European.

The BRICS nations expressed their belief that if the IMF is to have credibility and legitimacy, its chief should be selected on the basis of broad consultation among the members. A nomination period to select a new IMF chief was initiated on Monday. The process will close on June 10th.