The Executive Board of the International Monetary Fund (IMF) has appointed Kristalina Georgieva to a new five-year term at the helm of the global financial institution, set to begin in September.
Georgieva, 70, was the sole candidate for the leadership position of the IMF, with her nomination receiving unanimous support from EU member states in March.
“I am deeply grateful for the trust and support of the Fund’s Executive Board, which represents our 190 members, and it is an honour to continue leading the IMF as Managing Director for a second five-year term. In recent years, the IMF has assisted our member countries in addressing successive shocks, including the pandemic, wars and conflicts, as well as the cost of living crisis. We have also intensified our focus on climate change, conflicts, and digital transition, in line with their growing importance for macroeconomic and financial stability, growth, and employment. The IMF’s financial support, policy advice, and capacity development efforts—delivered by our outstanding staff—have enhanced countries’ ability to cope with great uncertainty and rapid changes in economic conditions. We remain committed to being a conduit for good policies for our members and will continue to strive to be more efficient, precise, and a welcoming place for countries to come together to address global challenges. I look forward to continuing to serve our membership, alongside the highly professional and dedicated IMF staff,” Georgieva stated in a release on the official IMF website.
A Bulgarian national, Georgieva has been the Director of the IMF since October 2019. Prior to this, she served as Chief Executive Officer of the World Bank and as European Commissioner for International Cooperation, Humanitarian Aid, and Crisis Response.
In keeping with the agreement between Europe and the USA, the head of the IMF is European, while an American leads the World Bank.
