Zambia Endorses Kristalina Georgieva for Second Term as IMF Chief

ZAMBIA has endorsed International Monetary Fund (IMF) managing director Kristalina Georgieva’s candidature for a second term when her current term ends in September.


Ms Georgvieva’s current five-year term is coming to an end in September.

Recently, the IMF announced that its executive board has initiated the selection process of the next managing director.

The IMF indicated that it has adopted an open, merit-based, and transparent process with the board aiming to reach a decision by consensus by the end of April.

Ms Georgieva, the IMF’s current managing director has been nominated by the European Union (EU) to serve a second term of office that starts on October 1.

Minister of Finance and National Planning Situmbeko Musokotwane has said, as a member of the IMF, Zambia fully endorses Ms Georgieva for the second-term because she deserves it.

“Ms Georgieva has done so much for low income countries like Zambia while balancing the needs of emerging and developed economies. Under her leadership, the IMF has held Zambia’s hand during difficult times such as at the height of the pandemic crisis when a grant of US$1.3 billion from the general allocation of Special Drawing Rights (SDRs) equivalent was given to Zambia to address the need for resilience and stability of the economy,” Mr Musokotwane said.

He said it was under Ms Georgieva’s leadership that the on-going US$1.3 billion Extended Credit Facility for the period 2022 to 2025 was approved.

“The facility is helping to strengthen and sharpen the focus of Zambia’s economic transformation programme evidently, Ms Georgieva has shown outstanding leadership in mobilising international support to recognise and help countries that are faced with debt challenges, such as Zambia, partly caused by the Pandemic and poor fiscal discipline in the past.

“During her tenure, the IMF has worked tirelessly to help Zambia and other countries to restore their debt challenges and we commend her for the effort. Ms Georgieva fully deserves a second-term,” he said.

(Mwebantu, Saturday, March 16th, 2024)

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