Kristalina Georgieva to serve second term as IMF managing director

The Executive Board of the International Monetary Fund (IMF) on Friday 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, according to a statement by the coordinators of the Executive Board, Afonso S. Bevilaqua and Abdullah F. BinZarah.

The decision was made nearly a week after the coordinators announced that Georgieva, the IMF’s current Managing Director, is the only candidate for the position, Xinhua news agency reported.

“In taking this decision, the Board commended 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 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, 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 per cent 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 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 said.

Georgieva, a national of Bulgaria, has been the IMF’s Managing Director since October 1, 2019.

Before joining the Fund, Georgieva was Chief Executive Officer of the World Bank from January 2017 to September 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.