Georgieva re-elected as IMF managing director

The executive board of the International Monetary Fund (IMF) says Kristalina Georgieva has been re-elected to serve as the lender’s managing director (MD) for a second term of five years.

In a statement on Friday, the board said Georgieva’s second tenure would begin on October 1, 2024.

The IMF had, on April 4, announced Georgieva as the sole candidate nominated for the position.

The board, coordinated by Afonso Bevilaqua and Abdullah BinZarah, said its decision on her reappointment was taken by consensus.

According to the statement, the board held several discussions with Georgieva, in line with the selection process it established on March 13, before making its decision.

“In taking this decision, the Board commended Ms. Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks,” the statement reads.

“Ms. 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.

“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.”

The board also acknowledged Georgieva’s focus on strengthening the IMF’s support to its members through effective policy advice, capacity development and financing and pledged to continue to work closely with the managing director.

Georgieva, a Bulgarian economist, has been leading the Bretton Wood organisation since October 1, 2019, when she took over from Christine Lagarde.