Kristalina Georgieva, managing director of the International Monetary Fund (IMF) will serve for a second five-year term starting on October 1, 2024, following a board decision taken by consensus.
In line with the selection process, it established on March 13, 2024, the board held several discussions, including with Georgieva, before making its decision last Friday, April 12.
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In a statement following the meeting, Afonso Bevilaqua and Abdullah F. BinZarah, who are the Coordinators of the Executive Board, 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.”
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.
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 mobilize 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.
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“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 recognizes 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,” Bevilaqua and BinZarah noted.
