World Bank CEO at the top of the IMF next term

It has been decided that the World Bank's Chief Executive Officer (CEO), Christina Georgieva, will be appointed as the Managing Director, who is the head of the International Monetary Fund (IMF). Successor to Christine Lagarde, current Managing Director, who resigned in September. The IMF board of directors will formally be appointed by October 4th. The term of office of the Managing Director is 5 years and can be extended.

Mr. Lagarde, who took over as the European Central Bank (ECB) Governor Draghi, announced on the 9th that there was no candidate other than Mr. Georgiewa by the end of the candidacy reception.

Georgiewa was born in 1953 in Bulgaria. In the past, it was customary for the World Bank President to be an American, and for the IMF Executive Director to be from Europe. In April, David Malpas, selected by the US Trump administration, became the new president of the World Bank. Although the US administration tends to neglect the European Union (EU) and international organizations, it did not oppose the appointment of Georgieva as a managing director, and respected the customs.

After working as an economist at the World Bank for a long time, Georgiewa was vice-chairman of the European Commission for the European Union (EU), and in 2016 he also stood as UN Secretary-General. After the resignation of former World Bank President Jim Yong Kim in February 19, he served as the World Bank's interim governor until Malpas took over. (Washington = Naoto Aoyama)