IMF appoints Kristalina Georgieva for second five-year term

(Patria) - The Executive Board of the International Monetary Fund (IMF) announced that it has reappointed Kristalina Georgieva for a second five-year term at the helm of the international financial institution.

This means that Georgieva, who was the only candidate in the race for the top position at the International Monetary Fund, will remain in office when her current term ends on September 30, 2024.

The decision was made by consensus, the IMF stated in a press release confirming the board's decision, Al Jazeera reports.

"I am deeply grateful for the trust and support of the Fund's Executive Board, which represents our 190 member countries, and I am honored to continue leading the IMF as Managing Director," Georgieva said.

"I look forward to continuing to serve our membership, together with the highly professional and dedicated staff of the IMF," she added.

Georgieva, a 70-year-old Bulgarian, has been leading the IMF since 2019.

During her term, the IMF has helped countries facing financial difficulties during the coronavirus pandemic and the consequences triggered by the Russian invasion of Ukraine, particularly in Europe.

Under a controversial, decades-old agreement between Europe and the United States, the International Monetary Fund has historically been led by a European, and the World Bank by an American citizen.