(Washington) The board of directors of the International Monetary Fund (IMF) announced Friday that its managing director, Kristalina Georgieva, had been designated, “by consensus”, to remain at the head of the institution for a second term of five years.
The new mandate of Mme Georgieva, who was the only candidate nominated for her own succession, will start on 1er October 2024, at the end of the current one, said the IMF in a press release.
“In making this decision, the board recognizes the strong leadership of Mr.me Georgieva during her term, holding the course despite a series of major global shocks. Mme Georgieva put in place the IMF’s unprecedented response to these shocks,” commented Afonso Bevilaqua and Abdullah BinZarah, board members quoted in the press release.
“I am extremely grateful for the trust and support of the board, which represents our 190 members, and honored to be able to continue my mission at the head of the IMF as Managing Director,” Kristalina Georgieva immediately reacted in a separate press release.
Bulgarian economist born in 1953 in Sofia, Mme Georgieva has been the boss of the IMF since October 2019, after having been managing director of the World Bank (WB) for almost three years.
Before joining the international financial institutions, Kristalina Georgieva was European Commissioner for six years, first in charge of International Cooperation under the presidency of José Manuel Barroso, then of Budget and human resources under that of Jean-Claude Juncker, before becoming vice-president of the Commission from the end of 2014 to the end of 2016.
The renewal of Mme Georgieva completes the process of appointing the new general director of the IMF, which was launched on March 13 and was initially scheduled to last until the end of April.
Mme Georgieva is thus confirmed in her position before the start of the spring meetings of the IMF and the World Bank, which will launch on Tuesday with the publication of the update of the report on the world economy (WEO) and will last until Friday.
Traditionally, the general director of the IMF is the candidate proposed by European countries, while the president of the WB is the candidate proposed by the United States. A sharing that the main emerging countries, starting with China and India, are increasingly openly questioning.
But the distribution of capital of these two institutions still gives preponderant strength to the United States and the EU.
This process takes place a year after the appointment of the new president of the WB, Ajay Banga, following a similar procedure following the resignation of his predecessor, David Malpass.
Nominated by the United States, Mr. Banga, born in India but an American citizen, was the only candidate proposed by the member states of the Bank.