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NEW YORK (

TheStreet

) -- A Manhattan judge has granted the bail request of Dominique Strauss-Kahn, the former head of the International Monetary Fund, on Thursday, according to multiple media reports.

The terms of Strauss-Kahn's release call for him to post $1 million in bail, provide $5 million in collateral, and stay confined to his wife's apartment in New York City under 24-hour electronic surveillance, according to a

Fox News

report

.

Strauss-Kahn, who waived his extradition rights as well, will reportedly spend Thursday evening back at Rikers Island and be released on Friday once the bail terms are met.

The 62 year-old Frenchman was indicted Thursday on seven sexual assault charges related to an incident in a New York City hotel room last weekend.

Dominique Strauss-Kahn, the former head of the IMF, appears in a Manhattan courtroom on Thursday

Strauss-Kahn

resigned

as managing director of the IMF on Wednesday, saying he did so with "infinite sadness" and proclaiming his innocence.

"To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me," he said in the statement.

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Strauss-Kahn has been jailed in New York since Monday and he had previously offered to post $1 million in bail money. His lawyers had been saying Strauss-Kahn was willing to stay in the United States and be subject to electronic surveillance.

Meanwhile, the quest to find a replacement for Strauss-Kahn took a turn after the United States balked at immediately backing a European to lead the IMF, saying only that they wanted an open and prompt succession.

Europe has staked its traditional claim to the post even as fast-growing nations like China and Brazil said it's time to break that monopoly and seek an IMF chief from a developing nation. But the United States, which has the largest share of votes for a single country, declined to publicly weigh in.

"We haven't taken a position on any candidate," said Lael Brainard, U.S. Treasury undersecretary for international affairs, according to an

Associated Press

report. "What is important at this juncture is that we move quickly to an open process."

Brainard was responding to reports that the United States would back French Finance Minister Christine Lagarde, a favorite in many European capitals.

--

Written by Michael Baron in New York.

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