Bulgarian Kristalina Georgieva confirmed as new head of IMF

Bulgarian Kristalina Georgieva has been confirmed as the new managing director of the International Monetary Fund (IMF). Her five-year term in the post will begin on October 1.

“I am deeply honoured to have been selected as managing director of the IMF and grateful for the trust that the fund’s global membership and the executive board have placed in me,” said Dr Georgieva.

“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,” she added. “As I noted in my statement to the executive board, our immediate priority is to help countries minimise 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.”

Earlier this year the IMF  removed the age limit that applied to the position of managing director so that the application of Dr Georgieva, who turned 66 in August, would be valid.

Dr Georgieva, who was previously the chief executive of the World Bank and who is an Emerging Europe Remarkable Achievement laureate, will be the first IMF chief to hail from an emerging economy. She will take over from Christine Lagarde, who is about to become the head of the European Central Bank.