IMF's Candidate for General Manager Position Visits Egypt

Dr. Mustafa Madbouli the Prime Minister, received today Kristalina Georgieva, CEO of World Bank  and the candidate for the position of Managing Director of International Monetary Fund . The meeting was attended by Dr. Sahar Nasr, Investment and International Cooperation Minister and Bulgaria's Ambassador to Egypt.

Georgieva confirmed her aspiration to support Egypt to be nominated as Director General of the International Monetary Fund, in light of the distinguished friendship between Egypt and Bulgaria, she reported that Egypt's support is a great importance, due to Egypt's leading role in the Arab world, Africa and Middle East.

She explained that if wins the position, she will seek to strengthen the IMF's cooperation with Africa to help the continent achieve development goals and provide all possible technical support.

Kristalina Georgieva, Dr. Mustafa Madbouli and Dr. Sahar Nasr

On other hand, Madbouli praised the Bulgarian candidate experience, which she had gained during her long career with the World Bank and the European Commission, which Egypt views positively.

Noteworthy, after an acrimonious selection process coordinated by France, European Union countries agreed to support Bulgarian Kristalina Georgieva, currently chief executive of the World Bank. However, even if Georgieva meets the approval of the IMF executive board, she doesn’t meet the formal requirements of the job.

IMF bylaws stipulate that the appointee must be below the age of 65; Georgieva is 66. But the IMF executive board recently proposed scrapping that age limit, and the 189 member-states are expected to pass the move in September.

Also, in July, Christine Lagarde, managing director of the International Monetary Fund (IMF), announced she would resign to take a new job as president of the European Central Bank.