The International Monetary Fund (IMF) is expected to continue to be led by Bulgarian economist Kristalina Georgieva for the next five years. Georgieva is the only candidate nominated for the term that begins October 1, the organization said.
Germany and France had already spoken out in favor of Georgieva. Finance Minister Christian Lindner explained that she had steered the international financial organization through difficult times in recent years. Georgieva herself recently signaled her willingness to be nominated. “If there is broad support among members, I will be honored to continue in my role.” The Europeans traditionally hold the top job at the IMF, while the Americans occupy the leadership of the World Bank.
The IMF is supposed to coordinate monetary policy, promote the stability of foreign exchange markets and help overcome regional financial crises. It grants loans to member states with acute payment problems, which are usually tied to the fulfillment of strict programs to restructure the state budget. The World Bank, however, focuses primarily on long-term development aid projects. It can also be about reducing or canceling debts for countries.