The International Monetary Fund said its executive board on Friday selected Bulgarian economist Kristalina Georgieva to serve as managing director for a second five-year term beginning on October 1 this year.
The Fund said in a statement that the Board of Directors commended Ms. Georgieva’s strong and intelligent leadership during her tenure, which has helped her navigate a series of major global shocks. Georgieva was the only candidate for the position.
European Union finance ministers last month backed Georgieva for a second term as IMF chief, effectively sealing her approval. Traditionally, European countries recommend the IMF’s managing director, and the United States recommends the World Bank’s president.
Georgieva said she was grateful to the Board of Directors and honored to be selected for a second term, and said she looked forward to continuing to work with the exceptional staff at the IMF.
In the past few years, the IMF has helped our member countries navigate successive shocks including the pandemic, wars and conflicts, and the cost of living crisis... We have intensified our work on climate change, fragility and conflict, and digital transformation, in line with their growing importance for macroeconomic and financial stability, growth, and employment.
Georgieva is the second woman to head the IMF and the first from an emerging market economy. She is the 12th managing director of the fund since its founding in 1944.
