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World Bank’s Georgieva set to become 2nd female IMF chief (Relevant for GS Prelims; Economics)

A top executive at the World Bank, Kristalina Georgieva of Bulgaria, is set to become 2nd female IMF chief.

Georgieva is currently the world bank’s chief executive officer.Georgieva will replace former IMF chief Christine Lagarde, who has been named to lead the European Central Bank.

“The board’s goal is to complete the selection process as soon as possible and at the latest by October 4, 2019,” the IMF board said in a statement.

Who decides on appointment?
Under an unwritten rule, a European has always led the IMF since its creation in the aftermath of World War II while Washington has designated the leadership of the fund’s sister organization, the World Bank.

The nominating period closed on Friday, a day after the fund formally lifted the age limit of 65 years for its leadership, clearing the way for the 66-year-old to take up the position. No other candidates came forward.

Source: France 24



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