Kristalina Georgieva named IMF managing director

It is a huge responsibility to be at the helm of the IMF at a time when global economic growth continues to disappoint, trade tensions persist, and debt is at historically high levels,” she told reporters.

“This means also dealing with issues like inequalities, climate risks and rapid technological change.”

Georgieva is to take up her position as managing director on October 1, replacing Christine Lagarde, who is expected to take over the European Central Bank later this year.She inherits the helm of an institution buffeted by the rise of populism in advanced economies and escalating trade conflicts — the largest of which has been driven by the United States, the fund’s single biggest shareholder.

Her rise perpetuates Europe’s long-standing control over the designation of the fund’s leadership.

Georgieva, who was championed by Paris, overcame a challenge within the divided European Union from Germany, which had backed former Dutch finance minister Jeroen Dijsselbloem.Under an unwritten rule, a European has led the IMF since its creation in the aftermath of World War II while the leader of the fund’s sister organization, the World Bank, has been designated by Washington.

Babatunde

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