The Executive Board of the International Monetary Fund (IMF) has approved the reappointment of Kristalina Georgieva to serve as the Fund’s Managing Director for a second five-year term with effect from September 30, 2024 when her current term end.
In a statement on Friday, the global body said that the board’s decision was taken by consensus.
The statement said in line with the selection process it had established on 13 March, the board held several discussions, including with Ms Georgieva, the sole candidate nominated for the position, before making its decision.
It said in a follow-up of the meeting, the Coordinators of the Executive Board, Afonso Bevilaqua, and Abdullah BinZarah, made the following statement:
“In taking this decision, the Board commended Ms Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks.
“Ms Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than 360 billion dollars in new financing since the start of the pandemic for 97 countries.
“Also, debt service relief to the fund’s poorest, most vulnerable members, and a historic Special Drawing Rights (SDR) allocation equivalent to 650 billion dollars”, the statement added.
In her response, Ms Georgiana said she was deeply grateful for the trust and support of the fund’s Executive Board, representing the fund’s 190 members.
She added that she was honoured to continue to lead the IMF as Managing Director for a second five-year term.
“In recent years, the IMF has helped our member countries to navigate successive shocks, including the pandemic, war and conflicts, and a cost-of-living crisis.
“We also stepped up our work on climate change, fragility and conflict, and the digital transition, in line with their increased significance for macroeconomic and financial stability, growth and employment”, she said.
Ms Georgieva said the IMF’s financial support, policy advice, and capacity development work delivered by its exceptional staff had contributed to countries’ capacity to deal with high uncertainty and abrupt shifts in economic conditions.
“We are and will remain a transmission line of good policies for our members. We will also continue to strive to be more effective, incisive, and a welcoming place for countries to come together to tackle global challenges.
“I look forward to continue serving our membership, together with the highly professional and committed staff of the IMF”, she added.
