EU backs Georgieva for a second term as IMF chief

The European Union's finance minister has unanimously endorsed Kristalina Georgieva for a second term as head of the International Monetary Fund. This was announced by Belgian Finance Minister Vincent Van Petegem, according to Bloomberg.

According to Van Petegem, the support among EU member states was unanimous. Last Friday, Kristalina Georgieva expressed her readiness to continue her work in the post if she receives sufficient support.

Georgieva's current five-year term expires in September. The Belgian finance minister expressed his belief that Georgieva has shown strong leadership, especially in times of crisis.

According to the IMF rules, the Managing Director is officially appointed by the institution's 24-member Executive Board, which is elected by the member countries. European countries traditionally choose the IMF's head, while the United States has influence over the choice of the World Bank's head. Both institutions have their headquarters in Washington, DC.

The confirmation of support for Kristalina Georgieva for her second term was an important step in ensuring stability and reliability in the work of one of the world's most influential financial institutions.