Left Menu
Development News Edition

Georgieva closes in on top IMF job as no challengers seen -sources

Reuters | Updated: 07-09-2019 03:47 IST | Created: 07-09-2019 02:29 IST
Georgieva closes in on top IMF job as no challengers seen -sources
Representative Image Image Credit: ANI

Bulgarian economist Kristalina Georgieva was expected to be the only candidate considered to lead the International Monetary Fund as a nomination deadline drew to a close on Friday, two people familiar with the process said.

The World Bank chief executive's only known potential challenger to be the next IMF managing director, former British finance minister George Osborne, has opted not to run, the sources said. British Prime Minister Boris Johnson initially sought backing for Osborne to lead the IMF. But a senior UK government source confirmed on Friday that Britain now supports Georgieva, who was nominated by European Union countries.

She now has a clear path to assume leadership of the Washington-based multilateral lender in early October, barring an unexpected, last-minute nomination before the 11:59 p.m. EDT deadline on Friday (0359 GMT Saturday). She would take over at a time when the U.S.-China trade war threatens global growth and financial market pressures are mounting on vulnerable countries including Argentina, which the Fund bailed out last year with a $57 billion loan program, its largest ever.

An IMF spokesman declined to comment on expected nominees, adding that the Fund's secretary will reveal candidates only after they confirm their intention to seek the position. That means the name of a secret nominee who decides against running would not be revealed.

The candidacy of 66-year-old Georgieva took a major step forward on Thursday as IMF member countries voted to remove an age limit for managing director. By-laws had required managing directors be under 65 when taking office and prohibited them from serving past their 70th birthday. Georgieva would replace Christine Lagarde, 63, a former French finance minister who is departing after leading the IMF for eight years to head the European Central Bank.

The IMF board intends to decide on the next managing director by Oct. 4, two weeks before the World Bank and IMF annual meetings. The IMF has been run by a European since its founding at the end of World War Two.

Georgieva was nominated by EU countries in August as a compromise after deep disagreements over other candidates and multiple rounds of voting in the French-led process. She has held numerous senior European Commission posts, including the budget commissioner, and has deep knowledge of emerging market countries served by the World Bank. U.S. Treasury Secretary Steven Mnuchin, who controls the largest voting bloc on the IMF board, has spoken highly of Georgieva's accomplishments at the World Bank.

Also Read: World Bank's new investment to expand electricity services in Rwanda



South Africa's COVID-19 response: Surprising outcomes or just poor data management?

South Africa has been committed to improving its health information system and shows that a robust digital has considerable scope to improve healthcare for the entire population. But the COVID-19 pandemic has highlighted that significant ga...

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...


Latest News

"Or gas them": Germany's far-right AfD fires official over migrant comment

Germanys hard right Alternative for Germany AfD party fired an official on Monday who had been caught on a hidden camera discussing gassing refugees. In footage, recorded secretly by ProSieben television in February, Christian Lueth, then a...

UK government moves to defuse row with lawmakers over coronavirus measures

Britains government moved to defuse a row with lawmakers over the governments handling of the coronavirus crisis on Monday, promising to engage with them more on restrictions some have complained impinge on societys freedoms.Some Conservati...

Iraqi officials: 3 dead, 2 wounded in Baghdad rocket attack

Three Iraqi civilians were killed and two severely wounded Monday after a katyusha rocket hit near the vicinity of Baghdad airport, two Iraqi security officials said. The rocket targeted the international airport but struck a residential ho...

COVID-19: Nagpur count crosses 75k mark, 38 deaths on Monday

The number of COVID-19 cases inNagpur district increased on Monday by 994 to reach 75,815,while 38 deaths were reported during the day, an officialsaidHe said 1,431 people were discharged, taking theoverall count of such cases to 59,697, le...

Give Feedback