IMF new managing director Kristalina Georgieva profile and Biography

IMF new managing director Kristalina Georgieva

Last Updated on 2023-07-28 by Admin

International Monetary Fund (IMF), has named Kristalina Georgieva as it new managing director after Christine Lagarde left to become the head of the European Central Bank (ECB).

The Bulgarian economist, is the first person from Eastern Europe (Bulgaria) and an emerging economy to be appointed the head of the Fund.

She well as the second woman to hold the top job. Georgieva says taking on the job at a time “when global economic growth continues to disappoint, trade tensions persist, and debt is at historically high levels” is a huge responsibility.

Ms Georgieva was on a leave of absence from her post as the chief executive officer at the World Bank and the European Commission.

IMF’s statement read “The selection of Ms. Georgieva by the 24-member Executive Board representing the IMF’s 189 member countries brings to a conclusion the selection process initiated by the Executive Board on July 26, 2019 (see Press Release No. 19/302). Following interviews with Ms. Georgieva, Executive Directors selected her for the position, effective October 1.

The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in the operation of the Fund, which serves its membership through about 2,700 staff.

Ms. Georgieva, a national of Bulgaria, has been the Chief Executive Officer of the World Bank since January 2017. From February 1, 2019 to April 8, 2019, she was the Interim President for the World Bank Group.

Starting in 2010, she was at the European Commission, serving as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, then as Vice President for Budget and Human Resources.

Ms. Georgieva has a Ph.D. in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria, where she also taught from 1977 to 1991.”

Ms Georgieva joined the World Bank as an environmental economist in 1993.

She held various positions in the Bank, including the World Bank Country Director for the Russian Federation (2004-2007); Director for Sustainable Development (2007-2008); Vice President & Corporate Secretary (2008-2010).

The new IMF chief worked with the European Union between February 2010 and December 2018. She was the Vice President for Budget and Human Resources (2014 – 2017)

From February to April 2019, she served as Interim President of the World Bank Group, following Jim Yong Kim’s resignation announcement.

Between February 2010 and December 2016, Ms Georgieva served in the European Commission and helped shape the agenda of the European Union.

As European Union Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, Ms Georgieva managed one of the world’s largest humanitarian aid budgets and established herself as an advocate for the growing number of crisis-affected people around the world.

Kristalina Georgieva has extensive leadership and managerial experience, stemming from an influential array of senior public service posts in the World Bank. At the European Commission, she has been at the forefront of promoting sound economic policies, sustainable development, gender equality and poverty reduction.

Prior to joining the European Commission, Ms Georgieva worked for 17 years at the World Bank. Recruited in 1993 as an environmental economist for Europe and Central Asia, in 1998 she was appointed Manager for Environment and later Director for Environment and Social Development in East Asia and the Pacific.

In 2000, she became Director for Environment for the World Bank and led the application of rigorous economic analysis to pollution control, the advancement of the concept of payment for ecological services, the move of the World Bank Group towards supporting green growth, and the development of carbon markets.

She is a member of the Global Commission on the Economy and Climate, and the Broadband Commission for Sustainable Development.

She received a master’s degree in Political Economy and Sociology and a PhD in Economic Science from the University of National and World Economy in Sofia.

Between 1977 and 1991, she was a professor at the same University. She was a post-doctoral research fellow at the London School of Economics (1987-1988).

In 1991 and 1992, she was a Fulbright Fellow at the Massachusetts Institute of Technology, where she co-taught a graduate course on “Economies in Transition”. In 1996, she completed an Executive Development Programme and obtained a certificate in finance from Harvard Business School.

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