Home / Financial Services/ World Bank’s Georgieva sole candidate to lead IMF, Fund says

World Bank’s Georgieva sole candidate to lead IMF, Fund says


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 11 September 2019 00:00


Kristalina Georgieva, World Bank CEO and European candidate to become the new head of the IMF, at the Bercy Finance Ministry in Paris, France, 23 August – Reuters/File Photo

 


WASHINGTON (Reuters): Bulgarian economist Kristalina Georgieva is the sole candidate to be the next International Monetary Fund managing director, the IMF’s board said on Monday, virtually guaranteeing that she will succeed Christine Lagarde in the job in early October.

The IMF executive board said it will meet with Georgieva, now chief executive officer at the World Bank, with a goal of completing its selection process by Oct. 4 at the latest.

That would put her in office well in time for the IMF-World Bank annual meetings on Oct. 17-20. Lagarde’s resignation from the IMF is set to become effective on Sept. 12, enabling her to become governor of the European Central Bank in November.

Before a Friday nomination deadline had passed, people familiar with the process told Reuters that Georgieva would run unopposed for the IMF top job after former British Finance Minister George Osborne had decided against challenging her.

Georgieva, 66, would take over the multilateral lender at a time when the US-China trade war threatens global growth and pressures are mounting on vulnerable countries including Argentina, which the Fund bailed out last year with a $ 57 billion loan program, its largest ever.

Georgieva, nominated in August by European Union countries as a compromise candidate, is set to continue a tradition of Europeans leading the IMF since the institution’s founding at the end of World War Two.

She has held numerous senior European Commission posts, including budget commissioner, and in 2017 returned to the World Bank, where she served as an environmental economist in the 1990s, to become its second-ranking official.

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

The Monetary Board should weed out dishonest officers to save its reputation

Monday, 17 February 2020

Asani: Since the loss calculations are defective and auditors have not been fully conversant with the Monetary Board’s role in EPF, shouldn’t we dismiss all the reports, Grandpa? Sarath Mahatthaya: It’s not like that. Though they’ve been weak


COVID-19 – The dark side of global supply chains

Monday, 17 February 2020

The coronavirus, now known as COVID-19, outbreak in China has slowly but steadily rattled the global economy, disrupting virtually every major industry, from food, fashion, pharmaceuticals, entertainment to automobiles and technology. The first casu


Covid-19 and its effect on the airline industry

Monday, 17 February 2020

The effects of the Coronavirus, now named Covid-19 by the World Health Organization (WHO), has already had a numbing effect on the airline industry. Sadly, it appears that the worst is yet to come. SARS in 2002 Readers who remember the Severe Acute


Coronavirus epidemic and China’s slowdown: Economic impact on Sri Lanka

Monday, 17 February 2020

On 28 January 2020, the World Health Organization (WHO) declared the outbreak of the novel coronavirus (2019-nCoV) a global emergency. The new virus emerged in Wuhan, the capital of Hubei Province in China but has now spread to at least 27 other coun


Columnists More