Kristalina Georgieva Reappointed as IMF Managing Director
| News Summary | Kristalina Georgieva has been re-appointed as the Managing Director (MD) of the International Monetary Fund (IMF) for a new 5-year term starting on 1 October 2024. She was the sole candidate nominated for the position and was appointed by the IMF executive board. |
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| Appointment Process | The IMF Managing Director is appointed by the executive board, either through voting or consensus. Since 2004, the IMF has followed a policy of appointing through consensus. Candidates can be nominated by an IMF Fund Governor or an Executive Director. |
| Board of Governors | The Board of Governors, the highest decision-making body, consists of one governor and one alternate governor from each of the 190 member countries. |
| Executive Board | The Executive Board, with 24 Directors elected by member countries or groups of countries, handles the IMF's day-to-day business. The Managing Director serves as its chairman, assisted by four deputy managing directors. |
| About Kristalina Georgieva | Kristalina Georgieva from Bulgaria has served as the IMF MD since 2019. Previously, she was CEO of the World Bank, Interim President of the World Bank Group, and EU Commissioner for International Cooperation, Humanitarian Aid, and Crisis Response. |
| Functions of the IMF | The IMF provides financial assistance to member countries in economic crises, monitors member economies, and offers technical assistance and training for sound economic policies. |
| Quota and Voting Rights | Member countries are allotted quotas reflecting their economic position, denominated in Special Drawing Rights (SDR). Quotas determine voting rights; the US has the highest share, while India holds the eighth largest quota. |
| IMF Headquarters and Membership | The IMF is headquartered in Washington D.C., USA, and currently has 190 member countries. |