MercoPress. South Atlantic News Agency

Georgieva confirmed for another term at the helm of the IMF

The new term runs until Georgieva is 76 years old. Until her appointment in 2019, the age limit for holding office was 65

The Board of Directors of the International Monetary Fund (IMF) Friday confirmed that Bulgarian Economist Kristalina Georgieva would remain as the agency's managing director for another five-year term starting on Oct. 1, 2024. The announcement came as no surprise since Georgieva was the only candidate under consideration.

“In making this decision, the Board recognizes Georgieva's strong leadership during her tenure, weathering a series of major global shocks. Georgieva led the IMF's unprecedented response to these shocks,” said Board members Afonso Bevilaqua and Abdullah BinZarah in a statement.

“I am deeply grateful for the confidence and support of the Fund's Executive Board, which represents our 190 members, and I am honored to continue to lead the IMF,” Georgieva replied in a separate communiqué.

“In recent years, the IMF has helped our member countries weather successive shocks, including a pandemic, war and conflict, and a cost-of-living crisis. We have also intensified our work on climate change, fragility, conflict, and the digital transition, in line with their growing importance for macroeconomic and financial stability, growth, and employment,” she added.

Born in 1953 in Sofia, Georgieva has been at the helm of the IMF since October 2019, after having been managing director of the World Bank (WB) for almost three years. Her experience also includes six years at the European Commission, first in charge of International Cooperation under the presidency of José Manuel Barroso, then Budget and Human Resources under Jean-Claude Juncker, before becoming Vice-President of the Commission from the end of 2014 to the end of 2016.

Friday's decision closed the selection process launched on March 13, which was scheduled to last until later this month.

It also allows Georgieva to be confirmed before the start of IMF meetings with the WB next Tuesday with the release of the World Economic Outlook (WEO) update. The new term runs until Georgieva is 76 years old. Until her appointment in 2019, the age limit for holding office was 65.