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John Key bids farewell to world leaders

Prime Minister John Key has been saying farewell to world leaders ahead of stepping down on Monday after National's caucus elects a new leader.

He told reporters he would be talking to US President Barack Obama later on Wednesday and Queen Elizabeth on Thursday.

Mr Key says he's already called Canadian Prime Minister Justin Trudeau, Indian Prime Minister Narendra Modi "and a whole lot of leaders".

John Key said he will contact Barack Obama later on Wednesday. Photo: Getty

And he has ended speculation that he could be the next head of the International Monetary Fund.

An article on MSC Newswire tipped him for the job, saying he would be an ideal candidate to replace Christine Lagarde, who has been ordered to stand trial in France in an arbitration case that's been under investigation since 2014.

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"It's flattering but I'm not looking for a full time job," Mr Key said.