Global lender, International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as the firm's managing director for a second five-year term starting October 1, 2024.
She has served as the MD since October 1, 2019, acting as the chief of operating staff and chair of the Executive Board.
The board commended Georgieva's appointment she emerged as the only candidate nominated for the position.
Board coordinators Afonso S. Bevilaqua and Abdullah F. BinZarah, applauded her strong and agile leadership during her first term, navigating a series of major global shocks.
"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 board said in a statement.
"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 mobilise concessional loans to its poorest members, and co-created the global sovereign debt roundtable, the board adds.
"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 is confident that Georgieva will pursue the 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 further notes that it is cognisant of her focus to strengthen the Fund’s support to its members through effective policy advice, capacity development and financing.
