Kristalina Georgieva has been reappointed to the position of Managing Director of the International Monetary Fund (IMF)

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Kristalina Georgieva has been reappointed to the position of Managing Director of the International Monetary Fund (IMF)

8:52 CAT | 16 Apr 2024

FILE - International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, speaks at a press briefing on the global policy agenda at the Meridian House in Washington, DC, during the International Monetary Fund (IMF) and World Bank Spring Meetings, on April 13, 2023. [File photo: AFP/ Mandel NGAN]

Kristalina Georgieva has been reappointed to the position of Managing Director of the International Monetary Fund (IMF) for a second five-year term, which begins on October 1. The decision by the IMF’s Executive Board, made on Friday, was unanimous.

After various discussions, including with Kristalina Georgieva herself, the sole candidate for her succession as Managing Director of the International Monetary Fund, the IMF’s Executive Board decided on her reappointment.

Kristalina Georgieva has been at the helm of the international financial institution for several years, an organization of which Mozambique has been a member since September 24, 1984, and has benefited from various types of financing.

“In making this decision, the Board praised Ms. Georgieva’s strong and agile leadership during her tenure, in which she faced a series of major global shocks. Georgieva led the IMF’s unprecedented response to these shocks, including the approval of over $360 billion in new financing since the start of the pandemic for 97 countries,” reads the IMF’s statement.

Mozambique was one of the beneficiaries of the aforementioned financing. For example, in 2022, the International Monetary Fund decided to support the country again following the halt due to the discovery of the hidden debt scandal. Upon resumption, the Government reached a financing agreement of around $470 million.

Under Kristalina Georgieva’s leadership, the International Monetary Fund introduced new financing mechanisms considered innovative, including the Resilience and Sustainability Mechanism and the Food Shock Window.

According to the International Monetary Fund, during Georgieva’s first term, the Poverty Reduction and Growth Trust was also reactivated, with the capacity to mobilize concessional loans to its poorest members.

Source: O Pais