The International Monetary Fund (IMF) Executive Board has appointed Kristalina Georgieva to serve as IMF managing director for a second five-year term starting on Oct. 1, 2024.

According to a statement by the coordinators of the Executive Board, Afonso S. Bevilaqua and Abdullah F. BinZarah. the decision was taken by consensus.

The decision was made roughly a week after the coordinators announced that Georgieva, the IMF’s current managing director, is the only candidate for the position.

“In taking this decision, the Board commended Ms. Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks,” read the statement.

“Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than 360 billion U.S. dollars in new financing since the start of the pandemic for 97 countries, debt service relief to the Fund’s poorest, most vulnerable members, and a historic Special Drawing Rights (SDR) allocation equivalent to 650 billion dollars,” the statement noted.

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Under her leadership, the Fund introduced innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window.

It also secured a 50 percent quota increase to bolster the Fund’s permanent resources and agreed to add a third Sub-Saharan African chair to the IMF Board.

“Looking ahead, the Board welcomes Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership,” the statement read.

Georgieva is a Bulgarian and has been the IMF’s managing director since Oct. 1, 2019.

Before joining the Fund, Georgieva was chief executive officer of the World Bank from January 2017 to September 2019.

 During that time, she also served as interim president of the World Bank Group for three months.

She served at the European Commission as Commissioner for International Cooperation, Humanitarian Aid, and Crisis Response and as Budget and Human Resources vice president.