The Bulgarian economist, Kristalina Georgieva, has been re-elected by the Executive Board of the International Monetary Fund (IMF) to serve a second five-year term as its Managing Director. The Board’s decision on the reappointment of Ms. Georgieva was taken by consensus and in line with its customary selection process. The Board reportedly held several discussions, including with Ms. Georgieva, who was the sole candidate nominated for the position.
Information released by the Board on the decision to afford Ms. Georgieva a second term in office, reportedly took into consideration her “strong and agile leadership during her first term” during which she was challenged with “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.”
The release added that under her leadership, the Fund introduced “innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window, while replenishing the Poverty Reduction and Growth Trust, with the capacity to mobilize concessional loans to its poorest members.” Before joining the IMF, Ms. Georgieva was CEO of the World Bank from January 2017 to September 2019, during which time she also served a three-month stint as Interim President of the World Bank Group.