Christine Lagarde


A top Executive at the World Bank, Kristalina Georgieva of Bulgaria, now faces no opposition in her candidacy to lead the International Monetary Fund, the fund announced Monday.

Kristalina has a clear path to lead the International Monetary Fund

Georgieva, currently the bank’s Chief Executive Officer, is all but guaranteed to become the second woman ever to lead the fund.

Georgieva will replace former IMF chief Christine Lagarde, who has been named to lead the European Central Bank.

“The board’s goal is to complete the selection process as soon as possible and at the latest by October 4, 2019,” the IMF board said in a statement.

Under an unwritten rule, a European has always led the IMF since its creation in the aftermath of World War II while Washington has designated the leadership of the fund’s sister organization, the World Bank.

The nominating period closed on Friday, a day after the fund formally lifted the age limit of 65 years for its leadership, clearing the way for the 66-year-old to take up the position.

No other candidates came forward.

The IMF executive board will now hold meetings with Georgieva, the statement said.

She said last month she was “honored” to be nominated to lead the IMF and was taking leave from her work at the World Bank.

The IMF, a global crisis lender, has been buffeted over the last year by the rise of populism in advanced economies and escalating trade conflicts running counter to the fund’s mission of promoting international commerce.



Credit: Pulse News

Christine Lagarde has said she will step down as managing director of the International Monetary Fund (IMF). It comes ahead of a decision on her nomination to become head of the European Central Bank (ECB).  

Lagarde said she would leave the IMF on 12 September.

“With greater clarity now on the process for my nomination as ECB president and the time it will take, I have made this decision in the best interest of the fund. The executive board will now be taking the necessary steps to move forward with the process for selecting a new managing director” she said.

Lagarde, a former French cabinet minister has been head of the IMF since 2011. If the European Council approves her ECB nomination, she will become the central bank’s first ever female leader, responsible for the euro and the monetary policy of the eurozone.  

Known as the “rock star” of international finance, Ms Lagarde, 63, began her career as a lawyer before moving into politics. She served in various ministerial posts under Nicolas Sarközy before being elected as the first female boss of the IMF – replacing Dominique Strauss Khan.

Credit: LIB