Kristalina Georgiva re-elected as Managing Director of the IMF
On April 12, 2024, the Executive Board of the International Monetary Fund (IMF) reaffirmed its endorsement of Kristalina Georgieva as the sole candidate for the position of Managing Director for a second term, commencing on October 1, 2024.
The decision, reached by consensus, followed extensive discussions, including dialogues with Georgieva herself. Coordinators of the Executive Council, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah, emphasized Georgieva’s exemplary leadership amidst global challenges.
The Board commended Georgieva’s proactive response to major global shocks during her tenure, including facilitating over $360 billion in new financing for 97 countries since the onset of the pandemic.
Additionally, she orchestrated debt relief initiatives for the most vulnerable countries, initiated a historic special draw of rights equivalent to $650 billion, and introduced innovative financing mechanisms like the Resilience and Sustainability Fund and the Food Shock Window.
Under her stewardship, the IMF revitalized the Poverty Reduction and Growth Trust, bolstered permanent resources with a 50% quota increase, and enhanced representation from sub-Saharan Africa on the Executive Board.
Looking ahead, the Board expressed confidence in Georgieva’s commitment to macroeconomic stability and the Fund’s evolving role in member support.
Georgieva, a Bulgarian national, has been IMF Managing Director since 2019, following previous roles at the World Bank and the European Commission.
With a doctorate in economics and a master’s degree in political economy and sociology, Georgieva brings extensive expertise to her leadership role, having also served as Commissioner for International Cooperation and Vice-President for Budget and Human Resources at the European Commission.
