World Bank’s Georgieva poised to become IMF chief

WASHINGTON: A top executive at the World Bank, Kristalina Georgieva of Bulgaria, now faces no opposition in her candidacy to lead the International Monetary Fund, the fund announced on Monday.

Georgieva, currently the bank’s chief executive officer, is all but guaranteed to become the second woman ever to lead the fund.

Georgieva will replace former IMF chief Christine Lagarde, who has been named to lead the European Central Bank.

“The board’s goal is to complete the selection process as soon as possible and at the latest by Oct 4,” the IMF board said in a statement.

Under an unwritten rule, a European has always led the IMF since its creation in the aftermath of World War II while Washington has designated the leadership of the fund’s sister organisation, the World Bank.