The International Monetary Fund (IMF) Executive Board has unanimously chosen Kristalina Georgieva to serve a second five-year term as IMF Managing Director, starting October 1, 2024.
Ms. Georgieva was the sole candidate nominated for the position.
The Board’s decision followed a series of discussions, including with Ms. Georgieva, in accordance with the selection process established on March 13, 2024.
After the meeting, the Executive Board Coordinators, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah, issued a 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.”
Ms. Georgieva has been serving as Managing Director of the IMF since October 1, 2019. In this role, she is the head of the IMF’s operational staff and chairs the Executive Board.
Ms. Georgieva is supported by four Deputy Managing Directors in overseeing the Fund’s operations, which involve approximately 3,100 staff members.
A Bulgarian national, Ms. Georgieva has held various prominent positions prior to her role at the IMF. She was previously the Chief Executive Officer of the World Bank from January 2017.
Additionally, she served as the Interim President for the World Bank Group from February 1, 2019, to April 8, 2019. Ms. Georgieva also has a background in the European Commission, where she held roles such as Commissioner for International Cooperation, Humanitarian Aid, and Crisis Response, as well as Vice President for Budget and Human Resources.
Ms. Georgieva’s academic qualifications include 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. She also taught at the same university from 1977 to 1991.