ALBAWABA - Under the condition that member countries support her, Kristalina Georgieva, the current head of the International Monetary Fund (IMF), has indicated her interest in serving a further five-year term. On September 30th, Georgieva's current term is set to end.
Speaking at the G20 finance meetings in Sao Paulo, French Finance Minister Bruno Le Maire praised Georgieva's leadership at the IMF, noting that she has done a remarkable job. He also declared that France will support her in her reelection.
Le Maire's backing is quite influential, especially in the European Union, where it is customary to back a candidate from Europe for the IMF's top job. The IMF Executive Board will, however, have the final say in the matter.
Georgieva, who will age 71 in August, was the World Bank's Chief Executive from 2017 until October 2019, when she became the IMF's Managing Director.
Georgieva might be fired in 2021 due to claims that she manipulated data while working for the World Bank. Even while the IMF board was absolved of any wrongdoing after seven meetings, the incident sparked questions.
Renewing Georgieva's term would allay concerns that developing nations and emerging markets have long had about Western Europe's and the US's hegemony in international financial organizations.
Georgieva, the first woman to head the IMF from an emerging market economy and the second woman overall, has come under fire for how she has handled debt and interest rate concerns, which some claim impede development in many developing countries. The terms that are frequently tied to financial aid and debt relief have also drawn criticism since they raise taxes and promote privatization, which can spark social upheaval.
