Bulgaria's Georgieva to serve second term as IMF head

Georgieva, who has served as managing director of the IMF since October 2019, was the only candidate nominated for the position, the IMF said in a statement on Friday.

“In taking this decision, the board commended Ms Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks. Looking ahead, the board welcomes Ms Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership," IMF executive board coordinators Afonso Bevilaqua and Abdullah BinZarah said.

Georgieva has guided the lender through significant global economic challenges, including the coronavirus pandemic and Russia's invasion of Ukraine.

"I am deeply grateful for the trust and support of the Fund’s executive board, representing our 190 members, and honoured to continue to lead the IMF as managing director for a second five-year term. We are and will remain a transmission line of good policies for our members and will continue to strive to be more effective, incisive and a welcoming place for countries to come together to tackle global challenges," Georgieva said in a separate statement published on the IMF's website.

The managing director is the chief of the IMF's operating staff and chair of its executive board. Alongside four deputy managing directors, they oversee the Fund’s operations, which serve its membership through some 3,100 staff.

Georgieva, the IMF's 12th managing director since its 1944 inception, is the second woman to lead the organisation.