By Adedapo Adesanya
The Executive Board of the International Monetary Fund (IMF) has selected Ms Kristalina Georgieva to serve as the organisation’s Managing Director for a second five-year term starting on October 1, 2024.
According to a statement issued by the IMF Press Centre on Saturday, the board’s decision was taken by consensus, adding that it was in line with the selection process 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.
It said in a follow-up of the meeting held, the Coordinators of the Executive Board, Mr Afonso Bevilaqua, and Mr Abdullah BinZarah, noted that, “In taking this decision, the board commended Ms Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks.
“Ms Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than 360 billion dollars in new financing since the start of the pandemic for 97 countries.
“Also, debt service relief to the fund’s poorest, most vulnerable members, and a historic Special Drawing Rights (SDR) allocation equivalent to $650 billion.”
The coordinators said under her leadership, the Bretton Wood institution 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 mobilise concessional loans to its poorest members, and co-created the Global Sovereign Debt Roundtable.
“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 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 recognises 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.”
In her response, Ms Georgiana expressed her deep gratitude for the trust and support of the fund’s executive board, representing the fund’s 190 members, adding that she was honoured to continue to lead the IMF as Managing Director for a second five-year term.
“In recent years, the IMF has helped our member countries to navigate successive shocks, including the pandemic, war and conflicts, and a cost-of-living crisis.
“We also stepped up our work on climate change, fragility, and conflict, and the digital transition, in line with their increased significance for macroeconomic and financial stability, growth and employment”.
Ms Georgieva said the IMF’s financial support, policy advice, and capacity development work delivered by its exceptional staff had contributed to countries’ capacity to deal with high uncertainty and abrupt shifts in economic conditions.
“We are and will remain a transmission line of good policies for our members.
“We will also continue to strive to be a more effective, incisive, and welcoming place for countries to come together to tackle global challenges.
“I look forward to continuing serving our membership, together with the highly professional and committed staff of the IMF,” she said.
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 World Bank Group Interim President. 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.
