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Africa now holds a third position on the International Monetary Funds (IMF) board, a historic progress in the continent’s involvement in global economic governance.
With this added representation, African leaders are poised to play a more active role in shaping IMF policies, potentially leading to decisions that more closely align with the continent’s development goals.
Kristalina Georgieva, the IMF’s Managing Director, announced this significant development at the IMFC press briefing during the IMF and World Bank’s Annual Meetings in Washington, DC.
The timing of the announcement reflects the IMF’s response to calls for more balanced representation, which has been a point of discussion among member countries.
Georgieva explained, “The most significant step we have taken to increase Africa’s voice and representation is to add a third chair for sub-Saharan Africa on the IMF Board.” With this addition, Africa will now have three directors among the 25 on the IMF Board, enabling more balanced representation of the 65 African countries.
Georgieva reflected on the prior difficulties for African nations, limited by just two chairs on the board, and emphasized that this new seat aligns Africa’s representation with that of other regions. This adjustment, she noted, strengthens the continent’s ability to engage meaningfully in IMF governance.
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Effective November 1, this adjustment will introduce additional resources, such as new offices with advisers and alternate directors, bolstering the African constituency’s capacity to influence IMF decision-making.
Georgieva remarked on the IMF’s ongoing efforts to bolster diversity within its ranks, particularly through increased recruitment from sub-Saharan Africa. She also outlined plans to set up training centers and offices in multiple African nations, aimed at strengthening connections with local stakeholders.
IMFC Chair and Saudi Finance Minister, Mohammed Aljadaan, underscored the global economy’s uneven growth, citing concerns about high debt levels and the need for sustainable growth pathways. He advocated for IMF support for countries facing balance-of-payment issues, especially those on positive development trajectories.
The IMFC serves an advisory role to the IMF Board of Governors, monitoring global liquidity, addressing disruptions to the international monetary system, and guiding policy adjustments to support global financial stability.
