IMF Executive Board Selects Kristalina Georgieva to Serve a Second Term as Managing Director

IMF News, April 12, 2024

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Canonical URL: IMF Executive Board Selects Kristalina Georgieva to Serve a Second Term as Managing Director

The Executive Board of the International Monetary Fund (IMF) selected Kristalina Georgieva to serve as IMF Managing Director and Chair of the Executive Board for a second five-year term starting on October 1, 2024.
The Board’s decision was taken by consensus.
The Board held several discussions, including with Ms. Georgieva, the sole candidate nominated for the position, in line with the selection process established on March 13, 2024 (Press Release No. 24/86).

The Coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah, made a statement commending Ms. Georgieva’s leadership.
Specific actions and outcomes cited under her leadership:
- 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.
- A historic Special Drawing Rights (SDR) allocation equivalent to $650 billion.
- Introduction of innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window.
- Replenishment of the Poverty Reduction and Growth Trust, with the capacity to mobilize concessional loans to its poorest members.
- Co-creation of the Global Sovereign Debt Roundtable.
- Secured a 50 percent quota increase to bolster the Fund’s permanent resources.
- Agreement to add a third Sub-Saharan African chair to the IMF Board.

The Board welcomed Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability.
The Board highlighted the need for the Fund to continue to adapt and evolve to meet the needs of its entire membership.
The Board recognized her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing, and looks forward to continuing to work closely with the Managing Director.

Ms. Georgieva has served as Managing Director since October 1, 2019 (Press Release No. 19/351).
The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board, assisted by four Deputy Managing Directors in overseeing the Fund’s operations, which serve its membership through about 3,100 staff.
Biographical and prior roles:
- National of Bulgaria.
- Chief Executive Officer of the World Bank from January 2017.
- Interim President for the World Bank Group from February 1, 2019, to April 8, 2019.
- Served at the European Commission as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, and as Vice President for Budget and Human Resources.
- Academic credentials: Ph.D. in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria; taught there from 1977 to 1991.
Links provided on the source page:
- Ms. Georgieva’s Bio: Kristalina Georgieva (imf.org)
- Factsheet on Selection Process for IMF Managing Director: https://www.imf.org/en/About/Factsheets/Sheets/2022/MD-selection-process
- Q&A on Managing Director (MD) Selection: https://www.imf.org/en/About/Factsheets/Sheets/2022/MD-selection-process/qandas

IMF press release, April 12, 2024