the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on April 14, 2023 in Washington (AFP/Archives/Stefani Reynolds)
The only candidate for her own succession, the general director of the International Monetary Fund (IMF), Kristalina Georgieva, is on her way to a second term, while the institution knows that much is expected in the fight against global warming and aid to poorer.
On Thursday, the Fund’s board of directors confirmed, in a press release, that “only one candidate, the current Managing Director of the IMF, Kristalina Georgieva, has been nominated.”
The process, launched on March 13, gave until April 3 to state representatives on the board of directors, or one of its governors, to propose candidates to head the institution, while Ms. Georgieva’s mandate is due to end on September 30.
“The board of directors will continue the nomination process, with an interview of the candidate, Ms. Georgieva, by the members of the board. The objective is to finalize the process as soon as possible, by the end of April” , said the press release.
Traditionally, the general director of the IMF is the candidate proposed by European countries, while the president of the World Bank (WB) is the candidate proposed by the United States. A sharing that the main emerging countries, starting with China and India, are increasingly openly questioning.
But the distribution of capital of these two institutions still gives preponderant strength to the United States and the EU.
The Finance Ministers of the European Union (EU), meeting in the Ecofin Council, voted on March 12 in favor of Ms. Georgieva’s reappointment to her position.
Several rumors had highlighted the possibility of seeing Paschal Donnohoe, current president of the Eurogroup, try his luck, others considering the possibility of seeing the French Minister of the Economy, Bruno Le Maire, who has never put forward a potential application, try your luck.
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, during an interview with AFP, January 10, 2024 in Washington (AFP/Archives/OLIVIER DOULIERY)
Shortly after this European support, Kristalina Georgieva, 70, assured, during an interview with AFP, that she “made herself available” to continue to lead the institution.
“If I have the pleasure of receiving the confidence of our members, I am ready to respond to it,” Ms Georgieva declared at the time.
“I was extremely touched to receive the support of European ministers. This is my family, I worked in the service of the European Commission for seven years. But I also received it from emerging countries”, had -she adds.
– The IMF more expected on the climate –
From a close source, the renewal could take place in the coming days, even before the spring meetings of the IMF and the World Bank, which are to be held from April 15 to 19 in Washington.
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, during an interview with AFP, January 10, 2024 in Washington (AFP/Archives/OLIVIER DOULIERY)
The head of the IMF knows she is expected, particularly on subjects such as the fight against global warming.
During a speech given on March 14 in Cambridge (United Kingdom), which could be compared to a campaign speech, she stressed the extent to which this subject could not be abandoned, despite the “multiple shocks” to which the States have had to face in recent years.
She again invited states on Tuesday, during a conference in Washington, not to cut spending linked to the fight against and adaptation to global warming nor in the protection of the most vulnerable populations.
At the same time, Kristalina Georgieva recalled the importance for States to succeed in reconstituting budgetary space, even more so as high interest rates weigh even more on public finances, due to the increase in cost of debt repayment.
However, more than reducing spending, Ms. Georgieva defended the need to increase States’ tax revenues, even if this means increasing taxes.
If the IMF now systematically pushes States to better integrate the protection of the most vulnerable into the policies implemented within the framework of its aid programs, NGOs criticize the institution for not sufficiently ensuring the effectiveness of this protection, due to lack of objectives integrated into the programs.
The process of designating the new general director of the IMF takes place a year after the appointment of the new president of the WB, Ajay Banga, following a similar procedure following the resignation of his predecessor, David Malpass.
Nominated by the United States, Mr. Banga, born in India but an American citizen, was the only candidate proposed by the Bank’s member states.
© 2024 AFP
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