WASHINGTON DC, USA – The Executive Board of the International Monetary Fund (IMF) confirmed on Friday, April 12, 2024, that Kristalina Georgieva has been reappointed to serve a second five-year term as Managing Director.
Georgieva, who was the only candidate for the position, will begin her new term after her current tenure concludes on September 30, 2024.
The decision was made by consensus, highlighting the board’s strong support for her leadership.
“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,” Georgieva said in a statement following the announcement.
The 70-year-old Bulgarian has led the IMF since 2019 and has been pivotal in directing the institution’s response to global crises, including the economic fallout from the coronavirus pandemic and the challenges arising from Russia’s invasion of Ukraine.
Georgieva’s leadership has been marked by her commitment to aiding countries in financial distress and working closely with the IMF’s professional and dedicated staff.
“I look forward to continue serving our membership, together with the highly professional and committed staff of the IMF,” she added.
Her reappointment comes after a period of scrutiny in 2021, where Georgieva faced allegations—strongly denied—of influencing a World Bank report to favour China during her time at the World Bank.
The IMF’s Executive Board reviewed these claims and ultimately reaffirmed its confidence in her, allowing her to remain at the helm of the Fund.
This reappointment reaffirms the longstanding tradition of a European leading the IMF, a practice mirrored by the appointment of US citizens to head the World Bank—most recently demonstrated by the Biden administration’s nomination of Ajay Banga, an Indian-born, naturalized US citizen.
With her reappointment secured, Georgieva’s continued leadership will ensure that the upcoming IMF and World Bank meetings in Washington can focus on global financial challenges without the distraction of leadership uncertainty.
