September 26 (SeeNews) - The executive board of the International Monetary Fund (IMF) said that it has selected Kristalina Georgieva, a Bulgarian national formerly CEO of the World Bank, to serve as IMF managing director and chair of the executive board.
Georgieva, who succeeds Christine Lagarde, will head the IMF for a five-year period starting on October 1, the IMF said in a statement on Wednesday.
Georgieva is the first person from an emerging market economy to lead the IMF since its inception in 1944, the IMF added.
"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. 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," Georgieva said in a separate statement published on IMF's website.
"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," Georgieva added.
Georgieva's selection by the 24-member executive board representing the IMF’s 189 member countries brings to a conclusion the selection process initiated on July 26, 2019.