By Collins Olayinka, Abuja
14 April 2024 |
3:03 am
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.
IMF Managing Director Kristalina Georgieva . REUTERS/Remo Casilli
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 five-year term.”
“In recent years, the IMF has helped our member countries to navigate successive shocks, including the pandemic, war and conflicts, and a cost-of-living crisis. We also stepped up our work on climate change, fragility and conflict, and the digital transition, in line with their increased significance for macroeconomic and financial stability, growth and employment. The IMF’s financial support, policy advice and capacity development work – delivered by our exceptional staff – have contributed to countries’ capacity to deal with high uncertainty and abrupt shifts in economic conditions. We are and will remain a transmission line of good policies for our members and will continue to strive to be more effective, incisive and a welcoming place for countries to come together to tackle global challenges.
“I look forward to continue serving our membership, together with the highly professional and committed staff of the IMF.”
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