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Agence France-Presse

The International Monetary Fund has formally selected Kristalina Georgieva of Bulgaria to be only the second woman ever to lead the 189-member institution.
The selection had been all but guaranteed after the global crisis lender said earlier this month that Georgieva, a former World Bank CEO, was the sole candidate.
In acknowledging her selection, Georgieva spoke of tempestuous times for the global economy.
“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,” she said on Wednesday.
“This means also dealing with issues like inequalities, climate risks and rapid technological change.”
Georgieva is to take up her position as managing director on October 1, replacing Christine Lagarde, who is expected to take over the European Central Bank later this year.
OPINION: Next IMF chief must stand up to Trumpian protectionism
She inherits the helm of an institution buffeted by the rise of populism in advanced economies and escalating trade conflicts – the largest of which has been driven by the United States, the fund’s single biggest shareholder.
Her rise perpetuates Europe’s long-standing control over the designation of the fund’s leadership.
Georgieva, who was championed by Paris, overcame a challenge within the divided European Union from Germany, which had backed former Dutch finance minister Jeroen Dijsselbloem.
French Finance Minister Bruno Le Maire tweeted his congratulations, saying the IMF will “thanks to your experience be able to fulfil its role in the world economy”.

In a sign that Georgieva was indeed a shoo-in for the position, the fund this month formally lifted its age limit of 65 years for the leadership position, removing an obstacle that would have barred the 66-year-old.
Under an unwritten rule, a European has led the IMF since its creation in the aftermath of World War II while the leader of the fund’s sister organisation, the World Bank, has been designated by Washington.
The mission priority for the World Bank President David Malpass
David Malpass, a former US Treasury official who took office earlier this year as president of the World Bank, likewise faced no opposition.
An economist by training, Georgieva was previously Bulgaria’s EU commissioner from 2010 and served as the commission’s vice-president for budget and human resources from 2014 to 2016.
In 2016, she was a leading candidate to become UN secretary general before losing out to former Portuguese premier Antonio Guterres.
Jubilee USA, a faith-based debt-relief organisation, hailed Georgieva’s selection.
“Under Georgieva’s leadership, we will see emphasis on gender inequality, environmental issues and the need for more resources to be directed to the developing world,” Eric LeCompte, Jubilee USA’s executive director, said.


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International Monetary Fund (IMF)

Kristalina Georgieva is the new IMF chief, taking over from Christine Lagarde

Kristalina Georgieva (pictured) succeeds Christine Lagarde, who is the new head of the European Central Bank. Photo: Xinhua

International Monetary Fund Managing Director Christine Lagarde (R) waves from her office after meeting with Kristalina Georgieva (L) who is the nominee for her position at the IMF Headquarters September 20, 2019 in Washington, DC. (Photo by STEPHEN JAFFE / INTERNATIONAL MONETARY FUND / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / IMF/STEPHEN JAFFE" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS

Bulgaria’s Kristalina Georgieva launches late bid to replace Ban Ki-moon as UN secretary general

EU budget commissioner Kristalina Georgieva. Photo: Xinhua

The mission priority for the World Bank President David Malpass

A child works in a forge in Abidjan, Ivory Coast. File photo: AFP

Melinda Gates, co-chair of the Bill and Melinda Gates Foundation, left, and David Malpass, president of the World Bank Group, take part in a round table discussion at the Group of Seven (G-7) finance ministers and central bank governors meeting in Chantilly, France, on Thursday, July 18, 2019. Global finance chiefs found common ground in their fear of Facebook Inc.’s Libra initiative as they met to discuss more contentious issues from digital taxation to the economic outlook. Photographer: Jasper Juinen/Bloomberg

epa07704452 World Bank President David Malpass (L), duaghter and advisor to the US President Ivanka Trump (R) and son-in-law and Senior Advisor to the US President Jared Kushner (C) arrive for a dinner hosted by the Secretary of the Treasury in honor of the Amir of the State of Qatar at the Department of Treasury in Washington, DC, USA, 08 July 2019. EPA-EFE/OLIVER CONTRERAS / POOL

US-China trade war: IMF’s Christine Lagarde warns of ‘self-inflicted wounds’ to global economy

IMF managing director Christine Lagarde: “We don’t have to inflict wounds to ourselves – it is not going to leave many winners.” Photo: AFP

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Kristalina Georgieva will start her five-year term on October 1
Christine Lagarde is the new head of the European Central Bank



Kristalina Georgieva is to take up her position as managing director on October 1, replacing Christine Lagarde, who is expected to take over the European Central Bank later this year.


World Bank Group

Kristalina Georgieva is the new IMF chief, taking over from Christine Lagarde

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;} Kristalina Georgieva will start her five-year term on October 1 Christine Lagarde is the new head of the European Central Bank

Kristalina Georgieva will start her five-year term on October 1

Christine Lagarde is the new head of the European Central Bank