PROFILE - IMF hires World Bank's former CEO Georgieva

By Tuba Sahin

ANKARA (AA) - The International Monetary Fund (IMF) named a Bulgarian economist, Kristalina Georgieva, 66, as its managing director.

She will assume office on Oct. 1 and complete a term of five years.

She succeeded Christine Lagarde, who is stepping down to take over as president of the European Central Bank, replacing Italian economist Mario Draghi.

Georgieva is the first person from an emerging market economy to lead the IMF since its inception in 1944.

The selection of Georgieva by the 24-member executive board representing the IMF’s 189 member countries brings to a conclusion the selection process initiated on July 26.

The IMF removed the age limit for the position of its managing director on Sept. 5, paving the way for appointment of candidates aged 65 years and above.

Georgieva was nominated by EU countries for this top-tier position. She turned 66 on Aug. 13.

She has been the CEO of the World Bank since January 2017. Georgieva also served the European Commission before joining the World Bank.

Georgieva has a Ph.D. in Economic Science and an M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria, where she also taught from 1977 to 1991.

"Our immediate priority is to help countries minimize the risk of crises and be ready to cope with downturns," she said in her statement to the Executive Board.

Georgieva on Wednesday also described her goal as to further strengthen the fund by making it even more forward-looking and attentive to the needs of the members.