Business Day (Nigeria)

IMF reappoints Kristalina Georgieva as MD

- By Zainab Aderounmu

THE Internatio­nal Monetary Fund (IMF) has reappointe­d Kristalina Georgieva as its managing director for a second fiveyear term starting on October 1, 2024

According to a statement, Georgieva was the sole candidate nominated for the position, and the decision was taken as a consensus by the IMF board.

The coordinato­rs of the IMF board, Afonso S. Bevilaqua and Abdullah F. Binzarah, commended her leadership for having led the IMF to respond to several global shocks.

“Georgieva led the IMF’S unpreceden­ted response to global 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 allocation equivalent to $650 billion,” they said.

They added that 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 percent quota increase to bolster the Fund’s permanent resources and agreed to add a third Sub-saharan African chair to the IMF Board.”

The coordinato­rs also expressed that the Board expected the Fund to keep adapting to meet the needs of members, especially on issues of macroecono­mic stability.

“Looking ahead, the Board 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 recognises its 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,” they noted.

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