IMF reappoints Georgieva be Managing Director for a second term

International Monetary Fund said that its Executive Board on Friday selected Bulgarian economist Kristalina Georgieva to serve as director for a second five-year term starting on October 1 this year.

According to Reuters, the Fund said in a statement, “The Board of Directors praised the strong and intelligent leadership of Ms. Georgieva during her term, as she was able to overcome a series of major global shocks.” Georgieva was the only candidate for this position.

Last month, European Union finance ministers supported Georgieva’s second term as director of the IMF, which effectively confirmed her approval. Traditionally, European countries recommend a director for the International Monetary Fund, and the United States recommends a president for the World Bank.

Georgieva said she was grateful to the Board of Directors and honored to have been selected for a second term, and said she looked forward to continuing to work with the “exceptional” staff at the IMF.

She said, “In the past few years, the International Monetary Fund has helped our member countries overcome successive shocks that included the pandemic, wars, conflicts, and the cost of living crisis… and we have intensified our work on climate change, fragility and conflict, and digital transformation, in line with their increasing importance for macroeconomic stability, financial stability, growth, and employment.”

Georgieva is the second woman to head the International Monetary Fund and the first person from an emerging market economy. She is the twelfth director of the fund since its founding in 1944.