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Kristalina Georgieva

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Not to be confused with Kristina Georgieva.
In this Bulgarian name, the patronymic is Ivanova and the family name is Georgieva-Kinova.

Kristalina Georgieva
Кристалина Георгиева
File:IMF Managing Director Kristalina Georgieva (cropped).jpg
12th Managing Director of the International Monetary Fund
Incumbent
Assumed office
1 October 2019
Deputy
Preceded byChristine Lagarde
President of the World Bank Group
Acting
1 February 2019 – 8 April 2019
Preceded byJim Yong Kim
Succeeded byDavid Malpass
Chief Executive of the World Bank Group
In office
2 January 2017 – 1 October 2019
On leave: 2 August 2019 – 1 October 2019
President
Preceded byPosition established
Succeeded byAnshula Kant (managing director)
European Commissioner for the Budget and Human Resources
In office
1 November 2014 – 31 December 2016
PresidentJean-Claude Juncker
Preceded byJacek Dominik
Succeeded byGünther Oettinger
European Commissioner for International Cooperation and Development
In office
9 February 2010 – 1 November 2014
PresidentJosé Manuel Barroso
Preceded byKarel De Gucht
Succeeded byNeven Mimica
European Commissioner for Humanitarian Aid and Crisis Management
In office
9 February 2010 – 1 November 2014
PresidentJosé Manuel Barroso
Preceded byKarel De Gucht
Succeeded byChristos Stylianides
Personal details
Born
Kristalina Ivanova Georgieva

(1953-08-13) 13 August 1953 (age 71)
Sofia, Bulgaria
SpouseKino Kinov
Children1
Alma materUniversity of National and World Economy (BA, MA, PhD)
Signature

Kristalina Ivanova Georgieva-Kinova (Bulgarian: Кристалина Иванова Георгиева-Кинова; née Georgieva; born 13 August 1953)[1] is a Bulgarian economist serving as managing director of the International Monetary Fund since 2019. She was the Chief Executive of the World Bank Group from 2017 to 2019 and served as Acting President of the World Bank Group from 1 February 2019 to 8 April 2019 following the resignation of Jim Yong Kim. She previously served as Vice-President of the European Commission under Jean-Claude Juncker from 2014 to 2016.

In 2021, an independent inquiry determined that Georgieva had instructed staff at the World Bank to inflate data to make China look better during her tenure as Chief Executive.[2][3] However, the executive board of the IMF determined that the investigation “did not conclusively demonstrate” wrongdoing, and expressed confidence in Georgieva's leadership.[4]

Early life and education

Georgieva was born in Sofia into a family of bureaucrats.[5] Her father was a civil engineer who supervised state road-building projects,[6] and her grandfather was a prominent Bulgarian revolutionary, Ivan Karshovski.[7]

Georgieva holds a PhD in Economics and an MA in Political Economy and Sociology from the Karl Marx Higher Institute of Economics (now called University of National and World Economy) in Sofia.[8][9] Her thesis was on "Environmental Protection Policy and Economic Growth in the USA". She also did postgraduate research and studies in natural resource economics and environmental policy at the London School of Economics in the late 1980s and at the Massachusetts Institute of Technology.[10] She has written over 100 academic papers and has also authored a microeconomics textbook.[11]

Georgieva is fluent in Bulgarian, English, and Russian, and also speaks some French.[12] She held a range of academic and consulting positions in Bulgaria and the US, and has made presentations at the Australian National University, Massachusetts Institute of Technology, Tsinghua University, Yale University, Harvard University, London School of Economics, and the University of the South Pacific.[13]

Early work (1993–2010)

Georgieva started her career at the World Bank Group in 1993 as an environmental economist for Europe and Central Asia. Following this, she served in various positions in the bank ultimately rising to become director of the Environment Department in charge of World Bank's environmental strategy, policies, and lending. In this role she oversaw around 60% of lending operations of the World Bank Group. From 2004 to 2007 she was the institution's director and resident representative in the Russian Federation, based in Moscow.

She returned to Washington, D.C., to become director of Strategy and Operations, Sustainable Development. Her final position at the World Bank, vice president and corporate secretary, conveyed lead responsibility for liaison with the members of the institution's board of executive directors, representing the bank's shareholders (the member country governments).[12] During that time, she worked on the bank's governance reform and accompanying capital increase.[14] In January 2010, Georgieva announced her intention to resign from this post in view of her nomination to the Commission of the European Union.[15]

Political career

European Commissioner

Nomination and confirmation

After the former Bulgarian nominee for the post of European Commissioner for Humanitarian Aid and Crisis Management, Rumiana Jeleva, came under fire during her confirmation hearing from members of the European Parliament over both her competence and allegations of gaps in her declaration of financial interests, she withdrew her bid. The Bulgarian government then proposed Kristalina Georgieva as their new candidate.[16] On 21 January 2010 the European Commission President José Manuel Barroso met with Georgieva and expressed his approval, stating that "Mrs. Georgieva has solid international experience and knowledge with which she is going to contribute significantly in her capacity as a EU Commissioner".[17]

The confirmation hearing of Georgieva took place at the European Parliament on 4 February 2010. She faced questions on her suitability for the portfolio. Georgieva identified Haiti as a priority, especially the need to provide shelter and health services and to restore the functions and service of the government, so as to start work on reconstruction and long-term development. Other key issues raised in discussions with MEPs had been improving co-ordination within the EU (and within the commission), and between humanitarian and military players in order to meet the dual challenge posed by expanding needs and shrinking budgets. The need to improve the effectiveness of EU actions and for better response capacity had also been stressed, together with the establishment of European Voluntary Humanitarian Corps.[18]

Georgieva was given a warm response by MEPs, with Labour MEP Michael Cashman praising her "honesty and deep breadth of knowledge". She was applauded by committee members when she told British Conservative MEP Nirj Deva that she would stand up for the interests of the EU and be an independent mind.[19] Ivo Vajgl, a Liberal MEP, also praised her, saying: "let me compliment you on your peaceful manner and the confidence you are exuding today".[20] Her performance at the hearing was widely publicized in Bulgaria and broadcast live on many national media, where it was seen as question of restoration of national honor following Jeleva's unsuccessful hearing.[21]

The second college of the Barroso Commission, including Georgieva, was approved by the European Parliament on 9 February 2010 by a vote of 488 to 137, with 72 abstentions,[22] and she took office the following day.[23]

Tenure

Georgieva tripled funding for the refugee crisis in Europe.[24][14] She was involved in coordinating the EU response to the humanitarian consequence of the 2010 Haiti earthquake, the earthquake in Chile and the floods in Pakistan. Amid the Southeast Europe floods in May 2014, Georgieva coordinated post-disaster assistance and helped prepare Serbia's request for aid of as much as 1 billion euros ($1.4 billion) a year.[25] In May 2015, United Nations Secretary-General Ban Ki-moon appointed her and Nazrin Shah of Perak as co-chairs of the High-Level Panel on Humanitarian Financing, an initiative aimed at preparing recommendations for the 2016 World Humanitarian Summit.[14]

Vice-President of the European Commission

In 2014, news media reported that the ambassadors of several Western EU countries early on indicated their countries' support for Georgieva to be nominated for the incoming Juncker Commission, indicating that she might get the post of High Representative of the Union for Foreign Affairs and Security Policy.[26] Her candidacy had been uncertain because of political infighting in Bulgaria. The collapse of the socialist government, however, cleared the path for her nomination. By August, Georgi Bliznashki, Bulgaria's interim prime minister, announced her candidacy to replace Britain's Catherine Ashton.[27]

Incoming European Commission President Jean-Claude Juncker instead assigned the post of Vice-President for Budget and Human Resources to Georgieva, with experienced EU civil servant Florika Fink-Hooijer as her Chef de Cabinet. She was thus the most senior technocrat in the Juncker Commission, the only one of the seven vice-presidents never to have served as a national minister.[28] In this role she was in charge of 33,000 staff and reporting on how the budget of the European Union is spent to the European Parliament, the council and the European Court of Auditors. Within months of taking her new position and amid skepticism about the European Union and its budget of around $159 billion reaching new heights, Georgieva was able to negotiate a several-billion-dollar budget increase for 2014.[29]

World Bank

Georgieva meeting in Davos with the President of Azerbaijan, Ilham Aliyev, 22 January 2019
Georgieva during the MSC 2019

From 1993 to 2010, she served in a number of positions in the World Bank Group, eventually rising to become its vice president and corporate secretary in March 2008. She has also served as a member of the board of trustees[30] and associated professor in the economics department of the University of National and World Economy in Bulgaria.[31] On 27 September 2016, the Bulgarian government nominated Kristalina Georgieva for the post of United Nations Secretary-General.[32] Her short run for secretary-general at the UN ended following a vote at the UN Security Council on 5 October, where Georgieva ranked number eight out of ten candidates.[33] In the same vote, António Guterres got the support of the Security Council for the post of UN Secretary-General.[34]

On 28 October 2016, the World Bank announced that Georgieva would become the first CEO of the International Bank for Reconstruction and Development and the International Development Association starting on 2 January 2017.[35][36]

On 21 April 2018, it was announced the World Bank shareholders endorsed an ambitious package of measures that include a $13 billion paid-in capital increase, a series of internal reforms, and a set of policy measures that greatly strengthen the global poverty fighting institution's ability to scale up resources and deliver on its mission in areas of the world that need the most assistance.[37] Georgieva played a key role in securing this increase, the largest funding increase in the bank's history.[24]

On 7 January 2019, it was announced that World Bank Group President Kim would be stepping down and Georgieva would assume the role of interim president of the World Bank Group on 1 February 2019. On 29 September, Georgieva was named the next managing director of the International Monetary Fund. She was the only nominee for the job and is the first person from an emerging country to hold this office.[38]

A 2021 independent inquiry of the World Bank's Doing Business reports by the law firm WilmerHale found that Georgieva instructed staff to alter data to inflate the rankings for China.[39][2][3]

In October 2021, the International Monetary Fund's executive board initiated an investigations that Georgieva manipulated the Doing Business Report in 2018 during her tenure as World Bank chief.[4] The board later determined that the investigation “did not conclusively demonstrate” that she acted wrongly, and expressed confidence in Georgieva's leadership.[4]

International Monetary Fund

On 29 September 2019, Georgieva was named the next managing director of the International Monetary Fund (IMF), to succeed Christine Lagarde (who was leaving to become the head of the European Central Bank's executive board). She was the only candidate for the job, and is the first person from an emerging economy to serve in the position.[38] IMF tradition was that candidates could not be older than 65 at the start of their term, but following pressure from French President Emmanuel Macron, the rule was waived for Georgieva.[38]

Georgieva's term started on 1 October 2019 and will last for five years. Amid the COVID-19 pandemic, she joined the Multilateral Leaders Task Force on COVID-19 Vaccines, Therapeutics, and Diagnostics for Developing Countries, co-chaired by Tedros Adhanom and David Malpass, in July 2021.[40]

Other activities

European Union institutions

Non-profit organizations

Recognition

In 2016, Georgieva was honored with the Devex Power with Purpose award for her work in global development.[49] In 2017, Georgieva was listed by UK-based company Richtopia at number 2 in the list of 100 Most Influential People in Multinational Organisations.[50] She has been awarded the Princess Marina Sturdza award,[51] and the Foreign Policy Association Medal.[52] In 2020, Georgieva was named on Time's list of the 100 most influential people in the world.[53] In 2022, Kristalina was awarded by Forbes as one of the 50 over 50 women leading the way throughout Europe, the Middle East and Africa.[54]

Personal life

Georgieva is married and has one daughter.[55]

References

  1. ^ "Who is Kristalina Georgieva?". FOCUS News Agency. 19 January 2010. Retrieved 19 January 2010.
  2. ^ a b "Georgieva pressured World Bank employees to favor China in report - ethics probe", reuters.com, 16 September 2021.
  3. ^ a b Rappeport, Alan (16 September 2021). "Inquiry finds World Bank officials, including now-I.M.F. chief, pushed staff to inflate China data". The New York Times. ISSN 0362-4331. Retrieved 17 September 2021.
  4. ^ a b c Rappeport, Alan (12 October 2021). "Kristalina Georgieva will remain managing director of the I.M.F., its board says". The New York Times. ISSN 0362-4331. Retrieved 27 December 2021.
  5. ^ "Новини от Елена" [News from Elena]. news.elena.bg. Retrieved 20 October 2019.
  6. ^ James Politi and Kerin Hope (13 September 2019), Kristalina Georgieva: a tenacious talent to lead the IMF Financial Times.
  7. ^ "Кристалина Георгиева би могла да се пребори и за по-престижен ресор" [Kristalina Georgieva could fight for a more prestigious portfolio]. Mediapool.bg. Retrieved 20 October 2019.
  8. ^ Voice, European (3 November 2010). "Kristalina Georgieva – Globetrotting economist". POLITICO.
  9. ^ books.google.com/books/about/European_Civil_Service_in_Times_of_Crisi.html?id=03IzDwAAQBAJ&redir_esc=y
  10. ^ Lilov 2013, pp. 276–277.
  11. ^ VLADISLAV VELEV, "Kristalina Georgieva – Globetrotting economist", politico.eu, 11 March 2010.
  12. ^ a b "Kristalina Georgieva CV" (PDF). European Union.
  13. ^ "The World Bank – News – Kristalina Georgieva". The World Bank Group. Archived from the original on 11 November 2011. Retrieved 19 January 2010.
  14. ^ a b c Secretary-General Appoints High-Level Panel on Humanitarian Financing United Nations Secretary-General, press release of 21 May 2015.
  15. ^ "World Bank appoints Kristalina Georgieva as vice president". AFX News Limited. 22 February 2008. Archived from the original on 4 June 2011. Retrieved 19 January 2010.
  16. ^ "Under-fire EU Commission nominee stands down". AFP. 19 January 2010. Archived from the original on 22 January 2010. Retrieved 19 January 2010.
  17. ^ "Barroso Welcomes New Bulgarian EU Commissioner-Designate Georgieva". Novinite. 21 January 2010. Retrieved 21 January 2010.
  18. ^ "MEPs quiz new Bulgarian candidate Kristalina Georgieva". European Parliament. 3 February 2010. Archived from the original on 10 December 2011. Retrieved 4 February 2010.
  19. ^ "Democracy Live – European Parliament". BBC. 3 February 2010. Retrieved 4 February 2010.
  20. ^ Joshua Chaffin (4 February 2010). "Bulgaria's nominee well-received by MEPs". Financial Times. Retrieved 4 February 2010.
  21. ^ "Коментари за изслушването на Кристалина Георгиева като кандидат-комисар – Портал ЕВРОПА" [Comments on the hearing of Kristalina Georgieva as candidate-commissioner - EUROPA Portal]. Europe.bg. Archived from the original on 7 March 2014. Retrieved 14 July 2014.
  22. ^ Miller, John W. (9 February 2010). "EU Approves New Commission". The Wall Street Journal/Associated Press. Retrieved 9 February 2010.
  23. ^ Toby Vogel (11 February 2010). "New team takes office". European Voice. Retrieved 12 February 2010.
  24. ^ a b Xin En Lee, "Meet the first CEO of the World Bank: She’s made the bank the strongest it’s ever been financially", cnbc.com, 13 July 2018.
  25. ^ Gordana Filipovic (20 May 2014), Serbia Appeals for Worldwide Assistance After Deadly Floods Bloomberg Business.
  26. ^ EU heavyweights advise Bulgaria to nominate Georgieva for Ashton's job EurActiv, 26 June 2014.
  27. ^ Christian Oliver (6 August 2014), Bulgarian commissioner nominated for EU foreign policy post Financial Times.
  28. ^ Toby Vogel (2 October 2014), Georgieva catches committee mood European Observer.
  29. ^ Benjamin Oreskes (4 November 2015), Georgieva's UN job mission Politico Europe.
  30. ^ "УНСС : Структура : Съвет на настоятелите" [UNWE: Structure: Board of Trustees] (in Bulgarian). UNWE. Archived from the original on 22 February 2012. Retrieved 19 January 2010.
  31. ^ "УНСС : Общоикономически факултет : Катедра Икономикс : Състав" [UNWE : Faculty of General Economics : Department of Economics : Composition] (in Bulgarian). UNWE. Archived from the original on 22 February 2012. Retrieved 19 January 2010.
  32. ^ "Bulgaria announces new candidate Georgieva for U.N. leadership race". Reuters. 28 September 2016. Retrieved 3 October 2016.
  33. ^ Permanent Mission of the Netherlands to the UN official Twitter account
  34. ^ "Security Council Backs António Guterres to Be Next U.N. Secretary General". The New York Times. 5 October 2016. Retrieved 29 October 2016.
  35. ^ "Kristalina Georgieva Appointed Chief Executive Officer of IBRD/IDA". The World Bank. 28 October 2016. Retrieved 28 October 2017.
  36. ^ "Kristalina Georgieva Appointed Chief Executive Officer of IBRD/IDA". World Bank.
  37. ^ "World Bank Group Shareholders Endorse Transformative Capital Package", worldbank.org,21 April 2018.
  38. ^ a b c "IMF names Kristalina Georgieva as new head". 25 September 2019. Retrieved 1 October 2019.
  39. ^ "Probe finds World Bank changed data to boost China ranking". Al-Jazeera. 17 September 2021.
  40. ^ Joint Statement of the Multilateral Leaders Task Force on COVID-19 Vaccines, Therapeutics, and Diagnostics for Developing Countries following its Second Meeting World Health Organization (WHO), press release of 30 July 2021.
  41. ^ Appointment of the Members of the Appointment Advisory Committee European Investment Bank (EIB), press release of 6 February 2017.
  42. ^ World Economic Forum Appoints Two New Members to Board of Trustees World Economic Forum, press release of 24 January 2020.
  43. ^ "The Global Commission on Adaptation seeks to accelerate adaptation action and support. We believe that for all the challenges, greater resilience is achievable and in all of our interests.", gca.org.
  44. ^ World leaders unite under new initiative to provide quality education and training for young people Generation Unlimited, press release of 21 September 2018.
  45. ^ Governance Paris Peace Forum.
  46. ^ Members of the Council European Council on Foreign Relations (ECFR).
  47. ^ a b c d Kristalina Georgieva: Declaration of interests European Commission.
  48. ^ Global Advisory Board Women Political Leaders Global Forum (WPL).
  49. ^ "Power With Purpose". Power With Purpose. Retrieved 6 September 2016.
  50. ^ "Top 100 Leaders from Multilateral Organisations: From Christine Lagarde to António Guterres, These Are the Most Influential People in the NGO Sphere". Richtopia. Retrieved 22 December 2017.
  51. ^ Turp, Craig (20 May 2019). "Emerging Europe announces 2019 winners of its annual Remarkable Achievement Awards". Emerging Europe | News, Intelligence, Community.
  52. ^ 2019 Financial Services Dinner- Kristalina Georgieva Accepts The Foreign Policy Association Medal on YouTube published 19 March 2019 Foreign Policy Association
  53. ^ Tu, Jessie (24 September 2020). "Meet the women on TIME's Most Influential List". Women's Agenda. Retrieved 24 December 2021.
  54. ^ McGrath, Maggie. "50 Over 50: EMEA 2022". Forbes. Retrieved 30 August 2022.
  55. ^ Lilov 2013, p. 276.

Bibliography

Wikimedia Commons has media related to Kristalina Georgieva.
Political offices
Preceded by Bulgarian European Commissioner
2010–2017 		Succeeded by
Preceded byas European Commissioner for Development and Humanitarian Aid European Commissioner for International Cooperation, Humanitarian Aid and Crisis Response
2010–2014 		Succeeded byas European Commissioner for International Cooperation and Development
Succeeded byas European Commissioner for Humanitarian Aid and Crisis Management
Preceded byas European Commissioner for Financial Programming and the Budget European Commissioner for the Budget and Human Resources
2014–2017 		Succeeded by
Diplomatic posts
Preceded by President of the World Bank Group
Acting
2019 		Succeeded by
Preceded by Managing Director of the International Monetary Fund
2019–present 		Incumbent
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