The IMF Board of Governors, the highest authority within the International Monetary Fund, has passed a resolution to expand its Executive Board by adding a 25th seat specifically for Sub-Saharan Africa.
This decision comes in response to a recommendation from the International Monetary and Financial Committee during the 2023 Annual Meetings in Marrakech, which advocated for a new chair to enhance Sub-Saharan Africa’s representation and to improve the overall regional balance on the Board.
“The Board of Governors have taken an important step towards creating an additional 25th chair at our Executive Board to increase Sub-Saharan Africa’s representation in IMF decision making, to make our Board more inclusive, and to reflect the region’s role in the global economy,” stated IMF Managing Director Kristalina Georgieva.
To adjust the size of the Executive Board, the resolution required approval from 85 percent of the total voting power of the Fund’s membership. The resolution successfully surpassed this requirement.
The expanded Executive Board, featuring 25 Executive Directors, will commence its duties on November 1, 2024.