Kristalina Georgieva has been re-elected as the head of the International Monetary Fund (IMF). Her last working day as chief for the current term is September 30. He will start his second term for five years from October 1 the next day.

The IMF’s executive board re-elected the Bulgarian economist as managing director on Friday (12 April).

Executive Board Coordinator Afonso S. Bevilaka and Abdullah F. Binjarah said in a statement that discussions were held with Kristalina Georgieva before taking this decision. The Executive Board appreciated his strong and great leadership during his tenure.

According to the statement, Georgieva has provided unprecedented leadership in special circumstances, including the approval of more than $360 billion in new financing for 97 countries to deal with the global shock of the Corona pandemic, debt servicing and relief for the poor and vulnerable members. Under his leadership the Fund introduced innovative new financing facilities including Resilience, Sustainability Facility and Food Shock Window.

Looking ahead, the board welcomes Georgieva’s ongoing efforts on macroeconomic and financial stability, the statement said, also citing several achievements under his leadership. The Board looks forward to continuing to work closely with this Managing Director.

The International Monetary Fund was established in 1944. After that, Georgieva took charge for the first time in September 2019 as the 12th managing director of the organization. He is currently 71 years old. She is the second woman head of the IMF and the first to be nominated from an emerging market economy. He is currently working on a $30,500 billion loan to emerging market economies and a fivefold increase in interest-free loans to developing economies.

Before that, he was the chief executive of the World Bank since 2017. In 2021, the World Bank accused him of fraud. However, he denied all the allegations. Seven meetings of the IMF board were held to consider the charges against him. He was later acquitted of the charges.