By zainab.joaque@awokonewspaper.sl
Freetown, SIERRA LEONE – The Executive Board of the International Monetary Fund (IMF) has unanimously voted to extend Kristalina Georgieva’s tenure as Managing Director for a second five-year term, beginning on October 1, 2024.
Georgieva, who assumed office in 2019, emerged as the sole candidate for the position after the selection process was initiated on March 13, 2024.
In announcing their decision, the Board praised Georgieva’s “strong and agile leadership” throughout her tenure, navigating the IMF through significant global challenges.
“Ms. Georgieva led the IMF’s unprecedented response to these challenges, including the approval of over $360 billion in new financing since the onset of the pandemic for 97 countries, debt relief for the Fund’s most vulnerable members, and a historic Special Drawing Rights (SDR) allocation of $650 billion,” stated board coordinators Afonso Bevilaqua and Abdullah BinZarah on Friday.
Expressing gratitude for the Board’s trust and support, Georgieva stated, “I am deeply honoured to continue leading the IMF as Managing Director for a second term.”
During her leadership, the IMF introduced innovative financing facilities such as the Resilience and Sustainability Facility and the Food Shock Window. Additionally, efforts were made to bolster resources for the Poverty Reduction and Growth Trust, mobilizing concessional loans for the IMF’s poorest members, and establishing the Global Sovereign Debt Roundtable.
Furthermore, a 50 percent quota increase was secured to enhance the Fund’s permanent resources, and a third Sub-Saharan African chair was added to the IMF Board.
In her acceptance remarks, Georgieva reaffirmed the IMF’s commitment to facilitating good policies for its members and vowed to continue fostering an environment conducive to global collaboration in addressing challenges. She concluded by expressing her eagerness to continue serving alongside the IMF’s dedicated staff. ZIJ/15/4/2024