• 12-SEP-2019

  • Washington, DC

  • SOURCE: IMF

IMF Trade / Georgieva / Argentina

The IMF Board is set to act on placing a new Managing Director at the head of the Fund in coming weeks, spokesman Gerry Rice told reporters Thursday in Washington, DC.
 
The Executive Board will interview World Bank CEO Kristalina Georgieva on September 24, with the aim of formally announcing her no later than October 4th.
 
Georgieva, 64-years-old Bulgarian, was the only nominee for the role, despite an open and transparent nomination period. If voted forward, she will become the second woman to lead the IMF, and the first from an emerging market nation in the 75-year history of the Fund.
 
She would take the reins at an uncertain time for the global economy. When asked about the Trump Administration’s announcement it would hold off implementing certain sanctions against China, Rice said the global economy is already feeling the impact of tensions.
 
“We have said in the past that trade tensions are a threat. I think what we are saying today is that they are not only a threat but are actually now beginning to weigh down the dynamism in the global economy.
 
The IMF has forecast that measures already announced may cut as much as 0.8 percent off the global economy in 2020 alone.
 
And the situation in Argentina remains delicate, but the IMF will be meeting with officials later this month to ‘take stock’ of where the program is and how to proceed.
 
“As I said in terms of the Fund's relationship with Argentina, discussions with the authorities, their crisis response measures and overall macroeconomic framework, those discussions continue. And as I said, the complex market conditions and policy uncertainty going forward, make the situation even more difficult,” Rice told reporters.