Georgieva gets another 5-year term
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 October 1, 2024. The Board’s decision was taken by consensus.
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In line with the selection process it had established on March 13, 2024 the Board held several discussions, including with Ms. Georgieva, the sole candidate nominated for the position, before making its decision yesterday.
Following today’s meeting, the Coordinators of the Executive Board, Mr Afonso S. Bevilaqua and Mr Abdullah F. BinZarah, made the following statement:“In taking this decision, the Board commended Ms. Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks, a statement issued by the IMF said.
“We are very pleased to announce that the Executive Board has adopted an open, merit-based, and transparent process for the selection of the next Managing Director, similar to the one used in recent rounds.
The Executive Board underscores the importance it places on the successful candidate having the requisite global standing to lead the Fund, which stands at the center of the global financial system”, it said
“Individuals may be nominated by a Fund Governor or Executive Director and as with past practice, we aim to reach a decision by consensus.
Ms Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than $360 billion 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.
Under her leadership, the Fund introduced innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window.
It replenished the Poverty Reduction and Growth Trust, with the capacity to mobilize concessional loans to its poorest members, and co-created the Global Sovereign
Debt Roundtable
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.
It recognizes her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing. The Board looks forward to continuing to work closely with the Managing Director.”
Background:
Ms. Georgieva has served as Managing Director since October 1, 2019 . The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board.
The Managing Director is assisted by four Deputy Managing Directors in overseeing the Fund’s operations, which serve its membership through about 3,100 staff.
Ms. Georgieva, a national of Bulgaria, has been the IMF’s Managing Director since 2019. Previously she served as Chief Executive Officer of the World Bank from January 2017. From February 1, 2019, to April 8, 2019, she was the Interim President for the World Bank Group.
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.
Ms. Georgieva has a Ph.D. in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria, where she also taught from 1977 to 1991.
