The International Monetary Fund (IMF) revealed that Kristalina Georgieva has successfully crossed a significant milestone towards securing a second term as the managing director of the financial institution.
According to the IMF, the deadline for nominations for the position closed on Wednesday, with a single candidate being nominated: the current Managing Director, Kristalina Georgieva.
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With this nomination, Georgieva’s path is now clear to serve another five-year term as the head of the IMF. Her current term is set to expire in September 2024.
The IMF stated that it would conduct meetings with Georgieva and executive directors, aiming to complete the selection process by the end of this month.
Georgieva has previously stated that she would be honored to serve a second term as the leader of the IMF.
During a speech at the Centre for Global Development in Washington earlier this week, Georgieva discussed the challenges currently faced by the IMF. She highlighted two crucial tasks for the organization: ensuring sufficient financial capacity to support those in need, particularly vulnerable middle-income and low-income countries, and fostering unity among the IMF’s members to reach consensus on issues that will shape the future of future generations.
Georgieva’s nomination follows the endorsement of the European Union. The final decision on the appointment of the IMF’s managing director rests with the IMF’s executive board, although traditionally, the role has been assigned to a European candidate.
In 2019, Georgieva assumed the position of IMF managing director. She led the organization through the challenges posed by the COVID-19 pandemic and the emergence of the conflict in Ukraine. Previously, she briefly served as the acting head of the World Bank.
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