The Strategist

Kristalina Georgieva elected as IMF Head

09/26/2019 - 07:19

Kristalina Georgieva, the sole candidate from the European Union, was elected for the post of managing director of the International Monetary Fund (IMF) for five years.

Friends of Europe
Friends of Europe
The representative of Bulgaria was previously a member of the European Commission, and recently was the Executive Director of the World Bank.

Georgieva, who will be the first leader from a country with a developing economy in IMF history, will take office on October 1, the fund reported.

In early September, the IMF Board of Governors removed any age restrictions for the position of managing director. Prior to this, the head of the fund could not be a person aged 65 years or older, and the already elected director could not continue to work after the 70th anniversary. By removing age restrictions, the IMF paved the way for the position of 66-year-old Georgieva.

The post of IMF Managing Director became vacant after Christine Lagarde resigned due to the nomination of the chairman of the European Central Bank. During the transition period, the duties of the director were performed by Lagarde’s first Deputy American David Lipton.