(Bloomberg) -- The International Monetary Fund said Magdalena Andersson plans to relinquish her duties as chair of the body’s International Monetary and Financial Committee, the main steering panel of the IMF’s 190 member countries.

Andersson, who was selected as IMFC chair on Jan. 18 for a three-year term, assumed the office of prime minister of Sweden on Nov. 30. The selection process for the next chair is currently under way, the Washington-based lender said in a statement on its website Tuesday. 

The IMFC comprises central bankers and finance ministers and advises the IMF.

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