CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Kristalina Georgieva has been re-appointed as Managing Director (MD) of the International Monetary Fund (IMF) for a new five-year term beginning October 1, 2024. She was the only candidate nominated for the position this year, and she was appointed by the IMF executive board.
IMF Managing Director Appointment Process
The IMF's managing director is appointed by the executive board, which has the option of voting or reaching a consensus. In 2004, the IMF implemented a policy of appointing Managing Directors through consensus. An IMF Fund Governor or Executive Director may nominate candidates for the position of MD.
Board Of Governors And The Executive Board
The Board of Governors is the IMF's highest decision-making body, made up of one governor and one alternate governor from each member country. The IMF's day-to-day operations are overseen by the Executive Board, which is made up of 24 directors elected by member countries or groups of countries. The Managing Director chairs the Executive Board.
Functions Of The Executive Board
The Executive Board is in charge of running the IMF's day-to-day operations, with the Managing Director overseeing the organization's operating staff. There are four deputy managing directors who help the managing director with everyday operations.
About Kristalina Georgieva
Kristalina Georgieva, from Bulgaria, has been the IMF's managing director since 2019. Prior to this appointment, she was Chief Executive Officer of the World Bank and Interim President of the World Bank Group. She also worked for the European Commission as its Commissioner for International Cooperation, Humanitarian Aid, and Crisis Response.
Functions Of The IMF
The IMF performs a variety of functions, including providing financial support to member nations experiencing economic crises, monitoring member countries' economy, and providing technical help and training to implement solid economic policies.
Quota And Voting Rights In The IMF
Member nations of the IMF are assigned quotas reflecting their place in the global economy, expressed in Special Drawing Rights (SDR). Quotas determine voting rights, and the United States has the biggest quota and vote share. India holds the tenth largest quota at the IMF.
IMF Headquarters And Membership
The IMF is located in Washington, DC, and now has 190 member countries.
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