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EU states back second term for IMF Chief Georgieva

Кристалина Георгиева
Photo: BTA
All 27 EU member states back Bulgaria's Kristalina Georgieva for a second term as head of the International Monetary Fund. The news was announced today by Belgian Deputy Prime Minister and Minister of Finance Vincent Van Peteghem after a meeting of EU economy and finance ministers in Brussels.

The unanimous backing is a “clear sign of the trust that we have in Kristalina”, who has “showed stronger leadership in the last couple of years, especially during unprecedented crisis", Belgian finance minister Vincent Van Peteghem told reporters.


Traditionally, the post of managing director of the IMF is occupied by a representative of Europe, while that of the World Bank - by a United States' representative. Support at European level is therefore key to the nomination. The final decision is taken by the Fund's Board of Executive Directors, which is made up of 24 members representing the votes of individual member countries.



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