Kristalina Georgieva is chosen by the IMF Board to serve a second term as managing director

Georgieva, who is grateful for her reappointment, promises to steer the IMF through global challenges while concentrating on capacity building and policy guidance.

Kristalina Georgieva has been chosen by the Executive Board of the International Monetary Fund (IMF) to continue in her role as Managing Director for a further five years, beginning on October 1, 2024.

The IMF Press Center said in a statement released on Saturday that the board decided by consensus.

The statement noted that before to making a decision, the board met with Georgieva, the only applicant nominated for the post, and held multiple conversations in accordance with the selection procedure it had established on March 13, 2024.

In a statement following the meeting, Mr. Afonso Bevilaqua and Mr. Abdullah BinZarah, the Coordinators of the Executive Board, said as follows: “In making this decision, the Board commended Ms. Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks. “Under Ms. Georgieva’s direction, the IMF responded to these shocks in a way never seen before, approving fresh funding totaling over 360 billion dollars for 97 countries since the pandemic began.

“Plus, debt relief for the fund’s most vulnerable and impoverished members, as well as a historic $650 billion Special Drawing Rights (SDR) allocation.”

According to the organizers, Georgieva led the fund in introducing cutting-edge new funding tools like the Food Shock Window and the Resilience and Sustainability Facility.

“It co-created the Global Sovereign Debt Roundtable and replenished the Poverty Reduction and Growth Trust, which has the ability to mobilize concessional loans to its poorest members. “In addition, it agreed to appoint a third Sub-Saharan African chair to the IMF Board and achieved a 50% quota increase to support the fund’s permanent resources. In the future, the board hopes to see Ms. Georgieva continue to focus on matters of financial and macroeconomic stability while also making sure the fund keeps changing and evolving to suit the requirements of all of its members.

“It acknowledges her emphasis on enhancing the fund’s assistance to its members via efficient policy guidance, capacity building, and funding.”The board is eager to collaborate closely with the managing director going forward.

Georgiana responded by releasing a statement in which she expressed her sincere gratitude for the confidence and backing of the fund’s Executive Board, which is made up of 190 members.

She went on to say that it was an honor for her to serve as Managing Director of the IMF for a further five years.

The IMF has assisted our member nations in navigating a series of shocks in recent years, such as the pandemic, war and conflicts, and a crisis related to rising costs of living.

As their importance for macroeconomic and financial stability, growth, and employment has grown, we have also intensified our work on climate change, fragility and conflict, and the digital transformation.

Georgieva stated that countries’ ability to cope with extreme uncertainty and sudden changes in economic conditions had been aided by the IMF’s financial support, policy recommendations, and capacity building efforts carried out by its outstanding personnel.

“We are and will continue to be a conduit for our members’ access to sound policies. “We will also keep working to make our forum a more productive, perceptive, and friendly space where nations may collaborate to address global issues.

She remarked, “I look forward to continuing to serve our membership, along with the incredibly dedicated and professional staff of the IMF.”

Since 2019, Georgieva, a Bulgarian national, has served as the Managing Director of the IMF. She was the World Bank’s Chief Executive Officer starting in January 2017.

She served as the World Bank Group’s Interim President from February 1 until April 8, 2019.

She was formerly Vice-President for Budget and Human Resources and Commissioner for International Cooperation, Humanitarian Aid, and Crisis Response at the European Commission.