Bulgarian economist who grew up under communism picked for IMF’s top job
Bulgarian economist Kristalina Georgieva will be the next leader of the International Monetary Fund
A Bulgarian economist who grew up when her country was a communist nation will be the next leader of one of capitalism’s premier institutions, the 189-nation International Monetary Fund.
Kristalina Georgieva, a top official at the World Bank, was chosen by the executive board to become the IMF’s managing director.
She succeeds Christine Lagarde who is stepping down to take over as head of the European Central Bank.
The IMF is the world’s lender of last resort, providing emergency loans when countries are facing financial crisis.
Georgieva takes over at a time when the global economy is slowing and the two biggest economies, the United States and China, are engaged in an escalating trade war.
She said: ‘I am deeply honoured. The IMF is a unique institution with a great history and a world-class staff.
‘I come as a firm believer in its mandate to help ensure the stability of the global economic and financial system through international cooperation.
‘Indeed, in my view, the fund’s role has never been more important.’