World Bank’s Georgieva approved as new IMF Chief

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World Bank’s Georgieva approved as new IMF Chief

As International Monetary Fund’s (IMF) Lagarde was set to take ECB Chair’s role by November 1st following Mario Draghi’s departure on October 31st, on Wednesday, the 25th of September 2019, Bulgarian Economist Kristalina Georgieva was confirmed as the new managing director of International Monetary Fund, the Washington-based sister organization of the World Bank that usually to works on fostering global monetary cooperation alongside growth, IMF said in a short statement on Wednesday (September 25th).

Nonetheless, latest move of International Monetary Fund came as a surprise to many, as current World Bank’s CEO, Kristalina Georgieva, 66, has been swayed away from World Bank after less than she had joined the largest financial entity across the globe engaged in streamlining monetary aids to under-developed and developing countries.

Besides, Georgieva would be the first person to chair the global lender hailing from an emerging country. Nonetheless, Georgieva had been EU Commission’s candidate for the role, as United States and EU had traditionally been taking turns on nominating candidates for World Bank and IMF, while this year United States’ David Malpass, a former secretary of the Treasury for International Affairs for the Trump Administration, had been chosen to chair World Bank.

In point of fact, being grown up under communism, center-right politician Georgieva had built a reputation during serving her time in the World Bank, while she had also served as an acting President of World Bank from February 1st to April 8th 2019 on an interim basis following a shocking and premature departure of South Korea’s Jim Yong Kim, who left the World Bank more than three years before his term was scheduled to end, blaming his deep differences with US President Donald Trump on climate change issue.