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Kristalina Georgieva to Remain IMF Managing Director for Another Five Years

Kristalina Georgieva to Remain IMF Managing Director for Another Five Years

Kristalina Georgieva has been reappointed managing director of the International Monetary Fund (IMF) for a second five-year term, starting on 1 October. The IMF Executive Board’s decision, taken on Friday, is a consensus.

After several debates, including with Kristalina Georgieva herself, the only candidate to succeed her as managing director of the International Monetary Fund, the IMF Executive Board decided to reappoint her.

Kristalina Georgieva has more years at the helm of the international financial institution, a body of which Mozambique has been a member since 24 September 1984 and has been the beneficiary of various types of financing.

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

Mozambique was one of the beneficiaries of these loans. For example, in 2022, the International Monetary Fund decided to support the country again after it stopped due to the discovery of the hidden debt scandal. On resumption, the government reached a financing agreement for around 470 million US dollars.

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Under Kristalina Georgieva’s leadership, the International Monetary Fund has introduced new financing mechanisms that are seen as innovative, including the Resilience and Sustainability Facility and the Food Shock Window.

According to the International Monetary Fund, Georgieva’s first term also saw the reactivation of the Fund for Poverty Reduction and Growth, with the capacity to mobilise concessional loans for its poorest members.

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