Zambia Throws Support Behind Kristalina Georgieva for Second Term as IMF Managing Director
Zambia has endorsed Kristalina Georgieva for a second term as the Managing Director of the International Monetary Fund (IMF). The announcement comes following the European Union’s nomination of Georgieva for a continuation of her tenure, starting from October 1st, 2024.
The Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, MP, expressed Zambia’s unwavering backing for Georgieva, citing her remarkable contributions to the global financial landscape, particularly in assisting low-income countries like Zambia amidst the challenges posed by the COVID-19 pandemic.
Under Georgieva’s stewardship, the IMF extended critical support to Zambia during the height of the COVID-19 crisis, including a substantial grant of US$1.3 billion from the Special Drawing Rights (SDRs) allocation. This support bolstered Zambia’s economic resilience and stability, providing much-needed relief during unprecedented times.
Furthermore, the IMF, under Georgieva’s leadership, approved an ongoing Extended Credit Facility of US$1.3 billion in August 2022. This facility plays a pivotal role in enhancing Zambia’s economic transformation program, reinforcing efforts to address fiscal challenges and promote sustainable development.
Highlighting Georgieva’s exceptional leadership, Minister Musokotwane commended her efforts in mobilizing international support to alleviate debt challenges faced by countries like Zambia, exacerbated by the COVID-19 pandemic and historical fiscal shortcomings.
Georgieva’s tenure has been characterized by tireless endeavors to assist countries in navigating through economic difficulties and restoring fiscal stability.
In light of these accomplishments, Zambia firmly believes that Georgieva is deserving of a second term as IMF Managing Director. The nation looks forward to continuing collaboration with the IMF under Georgieva’s leadership to foster economic growth, resilience, and prosperity.
The endorsement from Zambia adds to the growing international support for Georgieva’s reappointment, underscoring her proven track record and dedication to global financial stability and development.
