IMF Selects Kristalina Georgieva to Serve as Managing Director - Statement

© Sputnik / Natalia Seliverstova / Go to the photo bankThe International Monetary Fund in Washington, D.C.
The International Monetary Fund in Washington, D.C. - Sputnik International
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WASHINGTON (Sputnik) - The International Monetary Fund (IMF) selected Kristalina Georgieva to serve as its managing director, the fund said in a statement on Wednesday.

"The Executive Board of the IMF today selected Kristalina Georgieva to serve as IMF Managing Director and Chair of the Executive Board for a five-year term starting on October 1, 2019," the fund said.

Georgieva, a national of Bulgaria, succeeds Christine Lagarde. She is the first person from an emerging market economy to lead the IMF since its inception in 1944, the fund said.

The vote was largely ceremonial, Reuters says. Georgieva, 65, is backed by French President Emmanuel Macron and last month won support from other members of the European Union and from the US.

The International Monetary Fund is an international organisation with headquarters in Washington, D.C. It consists of 189 countries working to foster global monetary cooperation and ensure financial stability.

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