The large EU countries support a second term for Georgieva as head of the IMF

The current managing director of the International Monetary Fund (IMF), Kristalina Georgieva, is beginning to see a clear path to repeating her position for another five years.

France, Germany and Spain have already publicly announced that they support the re-election of the Bulgarian for another five years at the head of the multilateral organization.

The support of these countries for an eventual candidacy of the current head of the IMF is key, since that chair has always been tacitly reserved for a European.

“He is exactly the right person to lead the institution through future challenges and strengthen the IMF as a defender of structural reforms in our economies,” said German Finance Minister Christian Lindner, through the social network old Twitter).

Six months before her term in Washington expires, Georgieva has made known her intention to repeat her term in office.

The French Finance Minister, Bruno Le Maire, had already expressed his support for the Bulgarian even before she spoke out.

She did so during the G-20 meeting, when she highlighted her “great work” at the head of the institution.

According to an unwritten pact, the presidency of the IMF has fallen to a European since its founding, while that of the World Bank remains in the hands of an American.

For this reason, the announcements from Paris and Berlin pave the way for her re-election with a view to next September 30, when that issue should have already been settled.

Spain has also supported Georgieva for a second term.

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“She is the most suitable for the position,” stated the head of Economy.

Body has also recalled that Spain had the presidency of the International Monetary and Financial Committee of the institution - held by Nadia Calviño - which allowed for an intense relationship in a turbulent world.

But more countries on the Old Continent could have already decided to support Georgieva.

The governor of the Central Bank of Bulgaria, Dimitar Radev, stated last week that there is broad support for the candidate that goes “beyond” the members of the European Union.

Georgieva was elected managing director of the IMF after a selection process in which four other pre-candidates participated: the Spanish Nadia Calviño, the Portuguese Mário Centeno, the Dutch Jeroen Dijesselbloem and the Finnish Olli Rehn.

The Bulgarian, considered the French candidate to replace Christine Lagarde, was seen almost from the beginning as the favorite.

Not in vain, the Twenty-Seven had already put their name on the table when the senior positions of the EU were distributed, specifically, for the presidency of the European Council.

Finally, Georgieva prevailed in the final vote over Dijesselbloem, although without achieving an overwhelming majority.

Subsequently, the IMF had to change its statutes, which prevented the election of candidates over 65 years of age.

In addition to dealing with the crisis in Argentina, the current managing director of the IMF has had to deal with a pandemic, an environment of high inflation and the geopolitical tensions derived from the wars in Ukraine and Gaza.

For this reason, the Bulgarian has made it one of her main objectives to better equip the institution for a world in which these crises are going to be more frequent.

Furthermore, Georgieva has managed to reach an agreement to increase the countries' quotas, which she considered essential to be able to face the new challenges facing the world, especially the energy transition.

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