The Executive Board of the International Monetary Fund (IMF) has unanimously selected Kristalina Georgieva to continue serving as IMF Managing Director for a second five-year term starting on October 1, 2024. Georgieva is the only candidate for the position, and the decision was made almost a week after this announcement.
During her current term, Georgieva has shown strong and agile leadership by steering the IMF through several major global shocks. The board commended her for leading the IMF’s unprecedented response to these shocks, which included providing over $360 billion in new financing for 97 countries, debt service relief for the Fund’s poorest members, and a historic Special Drawing Rights allocation of $650 billion.
Under Georgieva’s leadership, the IMF has introduced innovative financing facilities such as the Resilience and Sustainability Facility and the Food Shock Window. Additionally, a 50% quota increase was secured to enhance the Fund’s permanent resources, and a third Sub-Saharan African chair will be added to the IMF Board.
The Executive Board stated, “Looking ahead, the Board welcomes Georgieva’s ongoing emphasis on macroeconomic and financial stability, along with ensuring that the Fund adapts and evolves to meet the needs of its entire membership.” Georgieva, a national of Bulgaria, has been serving as the IMF’s Managing Director since October 1, 2019, after previously holding leadership roles at the World Bank and the European Commission.
