Kristalina Georgieva re-elected as IMF chief

The Bulgarian Kristalina Georgieva has been confirmed to lead the International Monetary Fund (IMF) in the future. The fund, based in Washington D.C., announced that Georgieva will serve a second term as Managing Director. 70-year-old Georgieva has been at the helm of the organization since 2019 and her current term ends in the fall. She was the sole candidate in the selection process, a tradition where Europeans typically hold the top position at the IMF, while Americans lead the World Bank.

Georgieva is the second woman to head the IMF, following in the footsteps of her predecessor Christine Lagarde, who is now the President of the European Central Bank. The European Union supported Georgieva’s bid for a second term in office, citing her previous experience at the World Bank and as an EU commissioner. Before becoming Managing Director at the IMF, Georgieva was responsible for humanitarian aid in Brussels and later served as the Vice President of the Commission for Budget and Personnel.

The IMF, established alongside the World Bank after World War II, plays a crucial role in preventing major currency fluctuations that could lead to political instability. As a global organization, the IMF works to ensure financial stability and economic cooperation among member countries.