Washington: Bulgarian economist Kristalina Georgieva (pictured) was confirmed yesterday as managing director of the International Monetary Fund, the IMF said, becoming the first person from an emerging economy to head the global lender.
A center-right politician who grew up in Bulgaria under communism, Georgieva has built a reputation during her time at the World Bank - where she has been on a leave of absence from her post as chief executive officer during the IMF nomination process - and the European Commission as a tenacious straight-shooter, champion of gender equality and leader in the global fight against climate change.
“I am deeply honored 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. 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”, Georgieva said in a statement yesterday after the IMF selected her as the IMF’s next Managing Director—the 12th since the Fund’s inception in 1944—for a five-year term, starting on October 1.
“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 I noted in my statement to the Executive Board, our 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”, she said.
