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The head of the International Monetary Fund (IMF), Kristalina Georgieva, has called on Europe to be more innovative. Especially in comparison to the United States, Europe is lagging behind, Georgieva said on Thursday at the IMF and World Bank spring meetings in Washington. There is a power of innovation in the US, she said. It is easy there to turn this into a business and ultimately realize it on a larger scale. Europe, on the other hand, still has a lot to do to unleash the power of innovation, she said. Georgieva cited the different prices for patents as an example. According to Georgieva, ...
DPA
Kristalina Georgieva will lead the International Monetary Fund (IMF) for another five years, the fund's headquarters in Washington announced on Saturday. Georgieva, 70, who has been at the organization's helm since 2019, said in a statement that she was "honoured to continue to lead the IMF as managing director." Her current term of office ends in the autumn. Georgieva, who hails from Bulgaria, was the only candidate in the selection process. Traditionally, Europeans occupy the top post at the IMF, while the United States appoints the leadership of the World Bank. Both organizations were set u...
DPA
Global economic activity is weak by historical standards with a slowdown in productivity the main cause, International Monetary Fund head Kristalina Georgieva said in Washington on Thursday, describing this as a "sobering reality." Listing the main difficulties facing the global economy, Georgieva said: "Inflation is not fully defeated. Fiscal buffers have been depleted. And debt is up, posing a major challenge to public finances in many countries." She put global growth at a little above 3% and noted concerns, including geopolitical tensions that were increasing the risks of economic fragment...
DPA
The head of the International Monetary Fund (IMF), Kristalina Georgieva, is set to serve a second five-year term. The IMF Board of Directors announced on Thursday that the Bulgarian economist was the sole candidate nominated for the post. The 70-year-old has been at the helm of the Washington-based lender of last resort since 2019. She had already signalled that she would be willing to serve a another term if nominated. Her current term of office expires later this year. Traditionally, the Europeans occupy the top post at the IMF, while the United States appoints the leadership at its sister i...
DPA
European Union finance ministers on Tuesday unanimously endorsed International Monetary Fund (IMF) director Kristalina Georgieva for a second term. The EU's unanimous endorsement is "a clear sign of the trust" the EU has in Georgieva, but also of "the importance of the position at the IMF," Belgian Finance Minister Vincent Van Peteghem told reporters on Tuesday. The 70-year-old Bulgarian economist has been at the helm of the Washington-based organization since 2019. The IMF was founded together with the World Bank at the end of World War II. Its job is to ensure that currency fluctuations don'...
DPA
The growth in the Russian economy has "surprised" the International Monetary Fund (IMF) in view of the sanctions against Moscow in the wake of the war in Ukraine. "It's a war economy," said IMF Communications Director Julie Kozack in Washington on Thursday. The Russian economy has a high proportion of military spending, which is fuelling production. "There's also quite a lot of social transfers which are helping to raise consumption," she said. However, there are currently also signs that the economy is "overheating" - such as a rise in inflation. Russia's economic growth is expected to slow d...
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