IMF Reappoints Georgieva As Managing Director Till 2029

THE Managing Director of the International Monetary Fund ( IMF), Kristalina Georgieva, will be in her position till October 1, 2029, as she has secured another five- year tenure.

The decision to renew the tenure of chief executive of the IMF was arrived at through consensus. Georgieva was the only candidate for the position.

Coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. Binzarah, jointly said after the decision was made: “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 mobilise concessional loans to its poorest members, and co- created the Global Sovereign Debt Roundtable. It also secured a 50 per cent quota increase to bolster the Fund’s permanent resources and agreed to add a third Sub- Saharan African chair to the IMF Board.”

The Board stated that it 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 added that it recognises her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing.

Georgieva has been in her position since October 1, 2019. The Managing Director is the chief of the IMF’S operating staff and Chair of the Executive Board.

Following the pronouncement, Georgieva said: “I am deeply grateful for the trust and support of the Fund’s Executive Board, representing our 190 members, and honoured to continue to lead the IMF as Managing Director for a second fiveyear term.”