IMF gets new managing director

A new Managing Director for the International Monetary Fund (IMF) emerged on Wednesday after its Executive Board selected Kristalina Georgieva to succeed Christine Lagarde.

In her statement shortly after she was announced as the 12th Chief Executive since the Fund’s inception in 1944, Ms Georgieva said her immediate priority will be to help countries minimize the risk of crises to enable them be ready to cope with economic downturns.

Her five-year term will start on October 1.

Below is her statement.

“I am deeply honored to have been selected as Managing Director of the IMF and grateful for the trust that the Fund’s global membership and the Executive Board have placed in me.

“I want to pay tribute to my predecessor, Christine Lagarde, a great leader and a dear friend, whose vision and tireless work have contributed so much to the continued success of the Fund.

“The IMF is a unique institution with a great history and a world-class staff. I come as a firm believer in its mandate to help ensure the stability of the global economic and financial system through international cooperation. Indeed, in my view, the Fund’s role has never been more important.

“It is a huge responsibility to be at the helm of the IMF at a time when global economic growth continues to disappoint, trade tensions persist, and debt is at historically high levels.

“As I noted in my statement to the Executive Board, our immediate priority is to help countries minimize the risk of crises and be ready to cope with downturns. Yet, we should not lose sight of our long-term objective – to support sound monetary, fiscal and structural policies to build stronger economies and improve people’s lives. This means also dealing with issues like inequalities, climate risks and rapid technological change.

“For our readiness to act, safeguarding the Fund’s financial strength is essential, and so are enhancing its surveillance and capacity development efforts. Working with my team, my goal is to further strengthen the Fund by making it even more forward-looking and attentive to the needs of our members.

“I look forward to working with all our 189-member countries, the Executive Board and staff, and with all our partners in the years ahead,” the new managing director said.