Washington, DC – November 1, 2024 — The International Monetary Fund (IMF) has officially expanded its Executive Board, adding a 25th seat dedicated to amplifying the representation of Sub-Saharan Africa. This historic adjustment, completed as part of the IMF’s 2024 Regular Election of Executive Directors, reflects a growing commitment to balancing regional influence within the global financial institution.
On October 25, 2024, IMF member countries elected the expanded board, with three of the 25 seats now representing the 45 Sub-Saharan African nations. These countries, which were previously organized into two constituencies, are now divided into three: Central and Eastern Africa, Southern Africa, and West Africa. This restructuring follows a 2023 call by the International Monetary and Financial Committee (IMFC) at the Marrakech Annual Meetings, where the need for enhanced African representation was highlighted as essential to the IMF’s evolving governance.
The Board of Governors’ July 16, 2024, resolution to increase the number of Executive Directors from 24 to 25 received strong support from IMF member nations, surpassing the required 85% majority vote. This expansion marks the first Board increase since 1992 when the institution added seats to accommodate countries emerging from the dissolution of the Soviet Union.
Kristalina Ivanova Georgieva-Kinova is a Bulgarian economist serving as the 12th managing director of the International Monetary Fund since 2019.
IMF Managing Director Kristalina Georgieva hailed the expansion as a landmark event, stating, “This is a historic milestone for the IMF and for Africa. Not only does the addition of a third African chair to our Board reflect the continent’s tremendous progress in developing its human and economic potential, it will also strengthen Africa’s voice and bring the IMF closer to the people we serve.”
The new Board, with its expanded representation for Sub-Saharan Africa, begins its term on November 1, 2024, as the IMF seeks to create a more inclusive platform for addressing the global economic challenges of today and the future.
