Kristalina Georgieva has become a household name in the financial industry. Mrs. Georgieva is a well-known Bulgarian economist and the sole contender for the role of Managing Director of the IMF. Since 2017, she has served as the Chief Executive of the World Bank and also as an Acting President of the World Bank Group from February 2019 to April 2019. Other positions associated with Mrs. Georgieva include Head of the EU Commission and the UN.
As press reminds us, there is a transatlantic understanding that goes back to 1994 that states that an EU national heads the IMF, while a US citizen leads the World Bank. After Christine Lagarde left the IMF to be considered for head of ECB, Georgieva became the EU nominee for the position. As of today, Mrs. Georgieva is the sole nominee to the position, as the Brits did not nominate their own candidate as previously stated. The deadline for the position passed on 6th September.
Mrs. Georgieva is known for her excellent work in smoothing the World Bank’s office, in particular, the relationship between Mr. Kim and the World Bank staff. Georgieva also led negotiations with the World Bank’s shareholders for a capital increase.
IMF is in a tough situation right now, considering the increasing tension between the US and China, as well as all the currency and trade wars being led. Georgieva is credited with her positive relations with these countries and important shareholders. As The Economist states, while Georgieva has less macroeconomic experience than some of the early nominees for IMF Head, her role in assessing countries’ fiscal situations and helping the European Union with its bailout mechanism are all strong points in supporting her potential IMF role.
At this stage, the interview between Mrs. Kristalina Georgieva and the IMF Executive Board is to be held next week.
A recent article from the Financial Times described Georgieva and her working style as “tenacious” and outspoken. There was even a comparison between Georgieva’s political instincts with that of Lagarde – described as “astute”. Both possess the ability to draft and reach consensus among different stakeholders.