IMF gets new Managing Director

The International Monetary Fund(IMF) has selected a new managing director following the stepping down of Christine Lagarde.

Bulgarian economist, KristalinaGeorgieva will replace Lagarde who is leaving to become head of the European Central Bank (ECB). Georgieva’s five-year term as Managing Director of the IMF is to take effect on October 1.

In a statement made available on IMF’s website, Georgieva said her immediate priority would be to help countries minimise the risk of crises to enable them to be ready to cope with economic downturns.

“As I noted in my statement to the Executive Board, our immediate priority is to help countries minimize the risk of crises and be ready to cope with downturns. Yet, we should not lose sight of our long-term objective – to support sound monetary, fiscal and structural policies to build stronger economies and improve people’s lives. This means also dealing with issues like inequalities, climate risks and rapid technological change.

“For our readiness to act, safeguarding the Fund’s financial strength is essential, and so are enhancing its surveillance and capacity development efforts. Working with my team, my goal is to further strengthen the Fund by making it even more forward-looking and attentive to the needs of our members.