IMF Managing Director Georgieva.
The International Monetary Fund's Executive Board today unanimously decided to appoint Kristalina Georgieva to continue to lead the international financial institution beyond her first term.
Georgieva's first five-year term began on 1 October 2019 and ended on 30 September 2019. She was appointed as the only candidate for IMF Managing Director, and her second term will begin on October 1.
outstanding achievement
In a statement announcing the appointment, the Board said Georgieva had demonstrated strong and agile leadership during her tenure, dealing with a series of major global shocks. She "led the IMF's unprecedented response to these shocks, including approving more than $360 billion in new financing to 97 countries since the start of the pandemic, debt relief for the IMF's poorest and most vulnerable members, and making historic SDR allocations equivalent to $650 billion."
In addition, under Georgieva's leadership, the IMF launched innovative new financing mechanisms, including the Resilience and Sustainable Development Facility and the Food Shock Window, complemented the Poverty Reduction and Growth Trust Fund to enable it to provide concessional loans to the poorest member countries, and participated in the creation of the Global Sovereign Debt Roundtable, the Board said. At Georgieva's push, the IMF also secured a 50 percent increase in quotas to boost its permanent resources and agreed to add a third sub-Saharan African seat to the Executive Board.
prospect
"I am very grateful to the IMF Executive Board for the trust and support it has placed in me on behalf of our 190 member countries, and I am honored to continue to serve as IMF Managing Director for a second five-year term," Georgieva said in a statement today. ”
"In recent years, the IMF has helped our member countries cope with successive shocks, including the pandemic, wars and conflicts, and the cost-of-living crisis," she said. We have also stepped up our efforts to address climate change, fragility and conflict, and digital transformation, as they are increasingly important for macroeconomic and financial stability, growth, and jobs. ”
"The IMF, through the financial support, policy advice and capacity building provided by its distinguished staff, helps to improve countries' ability to cope with high levels of uncertainty and sudden changes in economic conditions," Georgieva said. We are, and will continue to be, a conduit for good policies for our member countries, and will continue to strive to be a more effective, deeper and more welcoming place for countries to come together to address global challenges. ”
"I look forward to continuing to serve our member countries with the IMF's highly professional and committed staff," she said. ”
Senior Economist
Born in 1953 in Sofia, Bulgaria, Georgieva holds a Ph.D. in Economic Sciences and a Master's degree in Political Economy and Sociology from the Sofia University of National Economics and World Economy, where she has taught.
Georgieva began her career in public service in 1993 as an environmental economist at the World Bank. She spent 17 years at the World Bank, where she held a number of senior positions, including CEO of the World Bank from January 2017 to September 2019, where she also served as interim President of the World Bank Group for three months.
Georgieva has also held a number of senior positions in the European Commission, managing the EU's humanitarian aid budget, one of the largest in the world, and the EU's response to the eurozone debt crisis and the 2015 refugee crisis.
