EU finance ministers back Georgieva for second term as IMF MD

European Union finance ministers have unanimously endorsed Kristalina Georgieva for a second term as the Managing Director of the International Monetary Fund (IMF), affirming their support for continuity in leadership at the global financial institution.

Georgieva, whose current term concludes on September 30, has received unanimous backing from EU member states, marking a traditional gesture of support for European candidates for top positions in international financial organizations.

Confirming the decision, a spokesman for the Belgian EU presidency stated, "EU ministers agreed to jointly support Kristalina Georgieva for a second mandate as managing director of the IMF."

Notably, Georgieva's candidacy stood unopposed, with no other candidates emerging during the selection process, EU officials confirmed.

Hailing from Bulgaria, Georgieva made history as the second woman to lead the IMF and the first from an emerging market economy. Throughout her tenure, she has steered the IMF through significant global challenges, including the unprecedented disruptions caused by the COVID-19 pandemic and geopolitical tensions such as Russia's invasion of Ukraine.

Acknowledged as an "eternal optimist," Georgieva's leadership has been marked by a proactive approach towards integrating climate change considerations into economic surveillance reports and advocating for the interests of emerging market and developing economies.

Her tenure has seen pivotal initiatives, including facilitating substantial loans for Ukraine, restructuring Argentina's debt program, and fostering cooperative efforts with China on sovereign debt restructurings.

Despite facing scrutiny over allegations related to data manipulation during her tenure at the World Bank, Georgieva garnered full support from the IMF's executive board, reinforcing confidence in her leadership capabilities.

(With Reuters inputs)