Economy

Georgieva, Replaces Lagarde As IMF Boss, Pledges To Help Nations Minimize Risk Of Crisis

Kristalina Georgieva, was on Wednesday confirmed by the 24-member Executive Board representing the IMF’s 189-member countries, as Managing Director and Chair of the Executive Board of the International Monetary Fund (IMF), as a replacement for Christine Lagarde, who stepped down to take up a job at the European Central Bank.
Ms. Georgieva, a Bulgarian, who begins her five-year term on October 1, 2019, is the first person from an emerging market economy to lead the IMF since its inception 75 years ago in 1944.
In series of tweets via her personal handle, shortly after the announcement, she said her priority for the IMF will be “to help countries minimize the risk of crisis and be ready to cope with downturns.”
On the longer term, she has set as objective, the building of stronger economies across the globe “on the foundation of sound policies.”
She promised support to IMF members by enhancing surveillance and capacity development efforts; besides ensuring that the fund continues to evolve to respond to challenges.
The new IMF boss expressed honour at being selected while looking “forward to joining the IMF’s committed staff in serving our 189-member countries. Together, we will work to build stronger economies and improve people’s lives everywhere.
“I am a firm believer in the IMF’s mandate to help ensure the stability of the global economic and financial system through international cooperation,” she noted.

A Ph.D. holder in Economic Science and an M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria, Ms. Georgieva has been the Chief Executive Officer of the World Bank since January 2017. She became the Interim President for the World Bank Group between February 1, and April 8, 2019.

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