WASHINGTON, Apr13 (NNN-XINHUA) – The Executive Board of the International Monetary Fund (IMF), yesterday selected Kristalina Georgieva, to serve as IMF managing director for a second five-year term, starting on Oct 1, 2024.
The board’s decision was taken by consensus, according to a statement by the coordinators of the Executive Board, Afonso S. Bevilaqua and Abdullah F. BinZarah.
The decision was made roughly a week after the coordinators announced that Georgieva, the IMF’s current managing director, is the only candidate for the position.
“In taking this decision, the Board commended Ms. Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks,” the statement said.
Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than 360 billion U.S. dollars in new financing, since the start of the pandemic for 97 countries, debt service relief to the Fund’s poorest, most vulnerable members, and a historic Special Drawing Rights (SDR) allocation, equivalent to 650 billion dollars, the statement noted.
Under her leadership, the Fund introduced innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window.
It also secured a 50 percent quota increase to bolster the Fund’s permanent resources and agreed to add a third Sub-Saharan African chair to the IMF Board.
“Looking ahead, the Board welcomes Ms Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership,” the statement read.
Georgieva, a national of Bulgaria, has been the IMF’s managing director since Oct 1, 2019.
Before joining the Fund, Georgieva was chief executive officer of the World Bank, from Jan, 2017, to Sept, 2019, during which time she also served as interim president of the World Bank Group for three months.
She previously served at the European Commission as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, and as vice president for Budget and Human Resources.– NNN-XINHUA
