site.btaBulgarian Economist Kristalina Georgieva Selected as IMF Managing Director

September 25 (BTA) - Bulgarian economist Kristalina Georgieva was selected as the International Monetary Fund's new Managing Director by its Executive Board for a five-year term starting October 1, the IMF reported Wednesday.

The news about Georgieva's selection as IMF's new Managing Director was widely covered by world news agencies.

Georgieva, who was the only candidate for the post of IMF Managing Director, takes over after her predecessor Christine Lagarde stepped down in order to head the European Central Bank.

Georgieva issued the following statement on the occasion of her selection, as quoted by the IMF:

"I am deeply honored to have been selected as Managing Director of the IMF and grateful for the trust that the Fund's global membership and the Executive Board have placed in me. I want to pay tribute to my predecessor, Christine Lagarde, a great leader and a dear friend, whose vision and tireless work have contributed so much to the continued success of the Fund," Georgieva says.

"It is a huge responsibility to be at the helm of the IMF at a time when global economic growth continues to disappoint, trade tensions persist, and debt is at historically high levels. As I noted in my statement to the Executive Board, our immediate priority is to help countries minimize the risk of crises and be ready to cope with downturns. Yet, we should not lose sight of our long-term objective - to support sound monetary, fiscal and structural policies to build stronger economies and improve people's lives. This means also dealing with issues like inequalities, climate risks and rapid technological change," her statement reads.

"I look forward to working with all our 189-member countries, the Executive Board and staff, and with all our partners in the years ahead."

Before serving as the World Bank's CEO, Georgieva held senior posts in the European Commission. MY