Kristalina Georgieva, the head of the International Monetary Fund (IMF), is set to run for a second five-year term. This news follows nominations from Bulgaria, her home country, and a string of European nations.
Georgieva, a Bulgarian economist known for advocating climate-conscious policies, has garnered significant support. France, through its finance minister Bruno Le Maire, praised her “great job” leading the IMF and pledged their backing for a second term. Similarly, Bulgaria’s central bank governor, Dimitar Radev, highlighted the “great respect and trust” Georgieva has earned from member countries during her first term.
European backing is crucial for Georgieva’s re-election. Traditionally, European countries nominate the IMF leader, although all EU members need to be on board. Expected support from Spain, Poland, the Netherlands, and likely the UK will solidify her position. The final decision rests with the IMF’s board of directors.
Georgieva, nearing 71 years old, previously served as the World Bank’s chief executive before assuming the IMF’s top role in October 2019. However, her tenure wasn’t without challenges. In 2021, she faced accusations of data manipulation during her World Bank time. Despite denying any wrongdoing and being eventually cleared, the controversy necessitated seven IMF board meetings.
Despite these past hurdles, Georgieva has led the IMF admirably. Under her guidance, the organization provided substantial financial support to nearly 100 member countries grappling with the COVID-19 pandemic, the Ukraine war, and the resulting cost-of-living crisis.