• Monday, May 27, 2024
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IMF appoints Kristalina Georgieva as MD for second term

IMF appoints Kristalina Georgieva as MD for second term

The International Monetary Fund appointed Kristalina Georgieva as the IMF Managing Director for a second five-year term starting on October 1, 2024

This was announced in a press statement released recently.

According to the report, Georgieva was the sole candidate nominated for the position, and the decision was taken as a consensus by the IMF board.

The coordinators of the IMF board, Afonso S. Bevilaqua and Abdullah F. BinZarah, commended her leadership for having led the IMF to respond to several global shocks.

“Ms Georgieva led the IMF’s unprecedented response to global 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,” they said.

“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.

It also secured a 50 percent quota increase to bolster the Fund’s permanent resources and agreed to add a third Sub-Saharan African chair to the IMF Board,” the coordinators stated.

The coordinators also expressed that the Board expected the Fund to keep adapting to meet the needs of members, especially on issues of macroeconomic stability.

“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,” they noted.

The selection was conducted in line with a process earlier laid down by the Fund.

In an earlier report, the Executive Board had adopted an “open, merit-based, and transparent process for selecting the next Managing Director”.