IMF replaces Lagarde, gets new Managing Director 

The International Monetary Fund (IMF) has selected a new managing director following the stepping down of Christine Lagarde. 

Bulgarian economist, Kristalina Georgieva will replace Lagarde who is leaving to become head of the European Central Bank (ECB). Georgieva’s five-year term as Managing Director of the IMF is to take effect on October 1.  

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In a statement made available on IMF’s website, Georgieva said her immediate priority would be to help countries minimise the risk of crises to enable them to be ready to cope with economic downturns. 

 “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. 

“For our readiness to act, safeguarding the Fund’s financial strength is essential, and so are enhancing its surveillance and capacity development efforts. Working with my team, my goal is to further strengthen the Fund by making it even more forward-looking and attentive to the needs of our members.” 

Georgieva’s profile: Prior to her appointment, Georgieva was on a leave of absence from her post as the Chief Executive Officer at the World Bank and the European Commission. She has held numerous senior European Commission posts, including budget commissioner, and has deep knowledge of emerging market countries. 

Georgieva joined the World Bank as an environmental economist in 1993. She held various positions in the Bank, including the World Bank Country Director for the Russian Federation between 2004 till 2007, Director for Sustainable Development from 2007 till 2008 and Vice President & Corporate Secretary, 2008 till 2010. 

The new IMF boss worked with the European Union between February 2010 and December 2018. She was also the Vice President for Budget and Human Resources between 2014 till 2017. 

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Georgieva has extensive leadership and managerial experience, stemming from an influential array of senior public service posts in the World Bank. At the European Commission, she has been at the forefront of promoting sound economic policies, sustainable development, gender equality and poverty reduction. 

From February to April 2019, she served as Interim President of the World Bank Group. Between February 2010 and December 2016, Georgieva served in the European Commission and helped shape the agenda of the European Union. 

Georgieva is the 12th Chief Executive since IMF’s inception in 1944.