The International Monetary Fund’s Board of Governors has announced its decision to increase the number of Executive Directors by including a 25th chair for Sub-Saharan Africa.
According to a recent report by the IMF, the Fund’s highest decision making body aims to improve Sub-Saharan Africa’s voice and representation and the overall balance of regional representation at the Board.
Kristalina Georgieva, IMF Managing Director stated that the decision was important to make the Board more inclusive and reflects Sub-Saharan Africa’s role in shaping the global economy.
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“The Board of Governors have taken an important step towards creating an additional 25th chair at our Executive Board to increase Sub-Saharan Africa’s representation in IMF decision making, to make our Board more inclusive, and to reflect the region’s role in the global economy,” she said.
The report further stated that approval by the Board of Governors to change the size of the Executive Board requires an 85 percent majority of the total voting power.
“The Fund’s membership approved the resolution allowing for the creation of a 25th chair, exceeding the required threshold. The new Executive Board of 25 Executive Directors will take office on November 1, 2024,” it stated.
The Executive Board is responsible for conducting the daily business of the IMF. It is composed of 24 Executive Directors, who are elected by member countries or by groups of countries, and the Managing Director, who serves as its Chair.
“All IMF member countries are represented on its Executive Board, which discusses the national, regional, and global consequences of each member’s economic policies and approves IMF financing to help member countries address temporary balance of payments problems, as well as oversees the IMF’s capacity development efforts,” IMF website states.
