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HomeNewsCaribbean NewsIMF managing director Kristalina Georgieva to serve a second term

IMF managing director Kristalina Georgieva to serve a second term

WASHINGTON, USA – The executive board of the International Monetary Fund (IMF) on Friday, April 12, 2024, selected Kristalina Georgieva to serve as IMF managing director for a second five-year term starting on October 1, 2024. The board’s decision was taken by consensus.

In line with the selection process it had established on March 13, 2024 (See Press Release No. 24/86), the board held several discussions, including with Georgieva, the sole candidate nominated for the position, before making its decision Friday.

Following Friday’s meeting, the coordinators of the executive board, Afonso S. Bevilaqua and Abdullah F. BinZarah, made the following statement:

“In taking this decision, 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.

“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 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.”

Statement by Kristalina Georgieva on her second term as IMF managing director

“I am deeply grateful for the trust and support of the Fund’s executive board, representing our 190 members, and honored to continue to lead the IMF as managing director for a second five-year term.

“In recent years, the IMF has helped our member countries to navigate successive shocks, including the pandemic, war and conflicts, and a cost-of-living crisis. We also stepped up our work on climate change, fragility and conflict, and the digital transition, in line with their increased significance for macroeconomic and financial stability, growth and employment. The IMF’s financial support, policy advice and capacity development work – delivered by our exceptional staff – have contributed to countries’ capacity to deal with high uncertainty and abrupt shifts in economic conditions. We are and will remain a transmission line of good policies for our members and will continue to strive to be more effective, incisive and a welcoming place for countries to come together to tackle global challenges.

“I look forward to continue serving our membership, together with the highly professional and committed staff of the IMF.”

IMF Communications Department

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