The IMF executive board has confirmed the reappointment of Kristalina Georgieva as the Managing Director of the international financial institution for another five-year term.
The IMF in a statement issued on Friday stated that the decision was taken by consensus.
The decision means that Georgieva, who was the sole candidate to lead the IMF, will continue in office when her current term ends on September 30, 2024.
“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,” Georgieva said in a statement.
“I look forward to continue serving our membership, together with the highly professional and committed staff of the IMF,” she added.
Georgieva, a 70-year-old Bulgarian, has run the IMF since 2019. In her leadership, the IMF has played a crucial role in assisting countries grappling with financial challenges stemming from the coronavirus pandemic and the aftermath of Russia’s invasion of Ukraine, particularly in Europe.
The leadership structure of the International Monetary Fund (IMF) and the World Bank has long been a subject of debate, with a longstanding agreement dictating that the IMF is helmed by a European while the World Bank is led by a US citizen.
This agreement was underscored last year when Ajay Banga, an Indian-born, naturalised US citizen, was nominated by the Biden administration to head the World Bank, situated near the IMF headquarters in Washington.
Georgieva faced allegations in 2021 — which she vehemently refuted — regarding her involvement in modifying a popular World Bank business report to favour China during her tenure at the development lender.
However, following a thorough review of the World Bank report on the matter, the IMF executive board dismissed the allegations and reaffirmed its confidence in Georgieva, allowing her to continue in her role.
The board’s decision ensures that the upcoming IMF and World Bank-hosted meetings of global financial leaders in Washington can proceed without being overshadowed by internal disputes over the Fund’s leadership.
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