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Updated February 28th, 2024 at 08:42 IST

IMF chief Georgieva prioritises current role over future plans

Her focus remains on revitalising medium-term growth, addressing sovereign debt issues, and facilitating a complex quota revamp at the IMF.

Reported by: Business Desk
pak
International Monetary Fund (IMF). | Image:PTI
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IMF chief Georgieva on her current role: IMF Managing Director, Kristalina Georgieva, stressed upon her commitment to her current responsibilities rather than contemplating a potential second term as head of the International Monetary Fund. 

With seven months remaining in her current tenure, Georgieva expressed her dedication to the tasks at hand during an interview at a gathering of finance officials from the Group of 20 major economies in Sao Paulo.

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"I have work to do right now," Georgieva told Reuters, dismissing speculation about her future. "I have always been of the view that you do the job you have - not some hypothetical in the future. So let me do my job."

Georgieva, hailing from Bulgaria, is the second woman to lead the IMF and the first from an emerging market economy. Renewing her tenure could address concerns about the dominance of the US-European duopoly in global financial institutions, a topic frequently raised by emerging market and developing countries.

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Throughout her term, Georgieva navigated major global economic challenges, including the COVID-19 pandemic and the Russian invasion of Ukraine in February 2022. 

Her focus remains on revitalising medium-term growth, addressing sovereign debt issues, and facilitating a complex quota revamp at the IMF.

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Despite initial criticism for her advocacy on climate change and emerging markets, Georgieva has made substantial contributions, securing substantial loans for Ukraine and aiding Argentina's loan program overhaul. She also faced personal challenges, including allegations related to data alteration during her tenure at the World Bank, which the IMF's executive board later dismissed.

Georgieva's relationship with US Treasury Secretary Janet Yellen has improved since the earlier scrutiny, according to sources familiar with both officials. Traditionally, European countries nominate IMF candidates, with the US nominating candidates for the World Bank.

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While speculation persists about Georgieva's second term, the decision-making process may unfold before the IMF and World Bank's April spring meetings to prevent overshadowing the agenda with leadership concerns. 

Georgieva herself emerged as a compromise candidate in 2019, reflecting the complexities of European nominations for the IMF leadership role.

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(With Reuters Inputs)

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Published February 28th, 2024 at 08:42 IST

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