IMF Executive Board Reappoints Kristalina Georgieva for a Second Term

The Executive Board of the International Monetary Fund (IMF) has unanimously reappointed Kristalina Georgieva to serve as Managing Director for a second five-year term, commencing on October 1, 2024.

In a statement issued by the Fund, it was revealed that the Board’s decision to reappoint Georgieva was reached through consensus, following a series of discussions, including with Ms. Georgieva herself, who was the sole candidate nominated for the position.

Georgieva has been serving as Managing Director since October 1, 2019, and her reappointment underscores the confidence and trust placed in her leadership by the IMF’s Executive Board.

As Managing Director, Georgieva serves as the chief of the IMF’s operating staff and Chair of the Executive Board. She is supported by four Deputy Managing Directors in overseeing the Fund’s operations, which encompass approximately 3,100 staff members.

Following today’s meeting, the Coordinators of the Executive Board, Mr Afonso S. Bevilaqua and Mr Abdullah F. BinZarah, made the following statement:

“In taking this decision, the Board commended Ms. Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks. Ms 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.

“Under her leadership, the Fund introduced innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window. It replenished the Poverty Reduction and Growth Trust, with the capacity to mobilize concessional loans to its poorest members, and co-created the Global Sovereign Debt Roundtable. It also secured a 50 percent quota increase to bolster the Fund’s permanent resources and agreed to add a third Sub-Saharan African chair to the IMF Board.

“Looking ahead, the Board welcomes Ms. 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 recognizes her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing. The Board looks forward to continuing to work closely with the Managing Director”.