Kristalina Georgieva re-appointed as IMF chief for another term | 5 key things to know

The International Monetary Fund’s (IMF) executive board has re-appointed Kristalina Georgieva as its Managing Director for a second five-year term, as per a release issued by the global financial institution on Friday, April 12. The decision was “taken by consensus”, it said.

Georgieva’s second tenure will also stretch for a five-year period, starting from October 2024, the IMF said, adding that she was the sole candidate nominated for the post.

Georgiva, in her ongoing tenure, has led the IMF through a turbulent period marked by the onset of COVID-19 pandemic in 2020, the breakout of Russia-Ukraine war and the resultant supply chain disruptions in 2022.

“The board commended Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks. Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than $360 billion in new financing since the start of the pandemic for 97 countries, debt service relief to the Fund’s poorest, most vulnerable members, and a historic Special Drawing Rights (SDR) allocation equivalent to $650 billion,” the IMF said in a release.

“Looking ahead, the board welcomes Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership,” it added.

Five key things to know about Kristalina Georgieva

• Georgieva has served as the IMF Managing Director since October 1, 2019. As part of her role, she was the chief of the IMF’s operating staff and chair of the executive board. She was assisted by four Deputy Managing Directors in overseeing the fund’s operations, which serve its membership through about 3,100 staff.

• Georgieva, a national of Bulgaria, previously served as the Chief Executive Officer of the World Bank for a two-year period from January 2017. From February 1, 2019, to April 8, 2019, she was the Interim President of the World Bank Group.

• Earlier in her career, she served at the European Commission as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, and as Vice President for Budget and Human Resources.

• Georgieva has a Ph.D. in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria, where she also taught from 1977 to 1991.

• During her stint as the IMF chief, Georgieva has lauded India on multiple occasions for its economic growth. “India has been a bright spot in the world economy, and it continues to be so,” she reiterated in February this year, adding that the Fund was upgrading projections for Indian growth to 6.5% in 2024. “The success of India is grounded in the pursuit of reforms over the last years,” she had said.