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't lead to political instability, as it did in Germany during the interwar period.
Georgieva indicated on Friday that she would be prepared to serve a second term if selected. Her current five-year term is due to end on September 30.
The IMF has traditionally had European directors, while US directors tend to lead the World Bank.
Georgieva is the second woman to head the IMF, the first being her immediate predecessor Christine Lagarde.
The executive board of the IMF must now initiate the selection process, said Van Peteghem.
