The International Monetary Fund has appointed Bulgarian economist Kristalina Georgieva as its new Managing Director for a term of five years.
With her appointment, she became the first person from an emerging economy to head the global lender. Additionally, she is also the second woman ever to lead the 189-member institution.
As a center-right politician who witnessed communism, she built a reputation during her stint at the World Bank as CEO.The selection had been all but guaranteed after the IMF said earlier that she is the sole candidate.
She was selected by 24-member Executive Board representing the IMF’s 189 member countries. She was backed by French President Emmanuel Macron and won support last month from the rest of the European Union as well as the tacit backing of the United States.
She took her position as Managing Director in October 2019, replacing Christine Lagarde who would take over European Central Bank later this year. As a Managing Director, she is the Chief of the IMF’s operating staff and Chair of the Executive Board. She will be assisted by four Deputy Managing Directors in the operation of the fund, which serves its membership through about 2,700 staff.