The executive board of the International Monetary Fund (IMF) officially appoints Kristalina Georgieva to serve as a new Managing Director at the agency - Photo by IMF

JAKARTA (TheInsiderStories) – The executive board of the International Monetary Fund (IMF) officially appoints Kristalina Georgieva to serve as a new Managing Director of the agency. Based on an official statements released today, she will lead the board for a five-year term starting Oct. 1.

“I am deeply honored to have been selected as managing director of the IMF and grateful for the trust that the Fund’ global membership and the executive board have placed in me. I want to pay tribute to my predecessor, Christine Lagarde, a great leader and a dear friend, whose vision and tireless work have contributed so much to the continued success of the Fund.”

She adds, “It is a huge responsibility to be at the helm of the IMF at a time when global economic growth continues to disappoint, trade tensions persist, and debt is at historically high levels.”

As she noted in her statement to the board, her immediate priority is to help countries minimize the risk of crises and be ready to cope with downturns. “Yet, we should not lose sight of our long-term objective – to support sound monetary, fiscal and structural policies to build stronger economies and improve people’s lives. This means also dealing with issues like inequalities, climate risks and rapid technological change,” said the new IMF’ boss.

Georgieva, who succeeds Christine Lagarde, is the first person from an emerging market economy to lead the IMF since its inception in 1944. The selection of her by the 24-member executive board representing the IMF’ 189 member countries brings to a conclusion the selection process initiated on July 26.

Georgieva, a national of Bulgaria, has been the CEO of the World Bank since January 2017. From Feb. 1 to April 8, 2019, she was the interim president for the World Bank Group.

Starting in 2010, she was at the European Commission, serving as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, then as Vice President for Budget and Human Resources.

Georgieva has a Ph.D. in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria, where she also taught from 1977 to 1991.

She concluded, “I look forward to working with all our 189-member countries, the Executive Board and staff, and with all our partners in the years ahead.”

Written by Staff Editor, Email: theinsiderstories@gmail.com