Washington, The International Monetary Fund (IMF) selected Kristalina Georgieva to serve as its managing director, the IMF 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 statement 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 IMF said.
In a separate statement, Georgieva, who previously worked on different senior positions in the World Bank, emphasized the necessity of marinating stability in the global economic and financial system through international cooperation."Our immediate priority is to help countries minimize the risk of crises and be ready to cope with downturns," Georgieva said.
Georgieva also pointed out that IMF's long-term objective is to support sound monetary, fiscal and structural policies in order to build stronger economies and improve people’s lives.This means also dealing with issues like inequalities, climate risks and rapid technological change, Georgieva said.