“The Board counseled Ms. Georgieva’s sturdy and agile management throughout her time period, navigating a collection of main international shocks,” it stated in a press release. Georgieva had been the one candidate for the job.
European Union finance ministers final month endorsed Georgieva for a second time period on the helm of the lender of final resort, nearly assuring her approval. Historically, European international locations advocate the managing director of the IMF and the US recommends the pinnacle of the World Financial institution.
Georgieva stated she was grateful to the board and honored to be chosen for a second time period, and stated she regarded ahead to persevering with to working with the IMF’s “distinctive” employees.
“In recent times, the IMF has helped our member international locations to navigate successive shocks, together with the pandemic, struggle and conflicts, and a cost-of-living disaster,” she stated. “We additionally stepped up our work on local weather change, fragility and battle, and the digital transition, in keeping with their elevated significance for macroeconomic and monetary stability, development and employment.”
U.S. Treasury Secretary Janet Yellen stated she regarded ahead to working with Georgieva to strengthen the IMF’s help of low-income international locations and help the broader membership via well-designed IMF lending packages. “The IMF performs an vital and distinctive position within the worldwide financial system. By its coverage recommendation, lending, and capability constructing, the IMF helps international locations to revive macroeconomic stability and strengthen development prospects,” she stated. Georgieva is the second girl to move the IMF and the primary particular person from an rising market economic system. She is the IMF’s twelfth managing director since its founding in 1944.
A self-described “everlasting optimist”, Georgieva has led the lender via big shocks to the worldwide economic system, from the outbreak of the COVID-19 pandemic simply months after she took workplace to Russia’s invasion of Ukraine in February, 2022.
She drew criticism inside and outdoors the IMF early on for her push to incorporate local weather change as a think about surveillance reviews on member international locations’ economies and her deal with rising market and growing economies.
She has been instrumental in securing giant loans for Ukraine, overseen a revamp of Argentina’s huge mortgage program and labored steadily to assist China embrace sovereign debt restructurings.
She additionally survived a private problem in 2021 when the IMF’s govt board expressed its full confidence in her after reviewing allegations that she pressured employees to change knowledge to favour China whereas working on the World Financial institution.