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The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director and Chair of the Executive Board for a five-year term starting on October 1, 2019. Ms. Georgieva, who succeeds Christine Lagarde, is the first person from an emerging market economy to lead the IMF since its inception in 1944.

According to a statement released by the IMF, yesterday, the selection of Ms. Georgieva by the 24-member Executive Board representing the IMF’s 189 member countries brings to a conclusion the selection process initiated by the Board on July 26, 2019. Following interviews with Ms. Georgieva, IMF’s Executive Directors selected her for the position, effective October 1.

The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in the operation of the Fund, which serves its membership through about 2,700 staff.

Ms. Georgieva, a national of Bulgaria, has been the Chief Executive Officer of the World Bank since January 2017. From February 1, 2019 to April 8, 2019, she was the Interim President for the World Bank Group. Starting in 2010, she was at the European Commission, serving as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, later as Vice President for Budget and Human Resources.

“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,” said Ms. Georgieva. “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.”

Ms. Georgieva has a Ph.D. in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria, where she also taught from 1977 to 1991.