IMF Board of Governors issues resolution to create 25th IMF Executive Board position

IMF Board of Governors issues resolution to create 25th IMF Executive Board position

August 2, 2024

Washington: On July 16, 2024, the IMF Board of Governors, the highest decision-making body of the IMF, issued a new resolution to increase the number of executive directors on the IMF Executive Board by adding a 25th chair designated for Sub-Saharan Africa.

This resolution responds to the call by the International Monetary and Financial Committee, announced at its annual meeting in Marrakesh in 2023, for the appointment of a 25th Chair, with the aim of improving the voice and representation of Sub-Saharan Africa and the overall balance of regional representation in the Council (see press release 23/353).

“The Board of Governors has taken an important step towards creating an additional 25th Chair on our Executive Board to increase Sub-Saharan Africa’s representation in the IMF’s decision-making process, make our Board more inclusive, and reflect the region’s role in the global economy,” said IMF Managing Director Kristalina Georgieva.

Approval by the Board of Governors of a change in the size of the Executive Board requires an 85 percent majority of the total votes. The Fund’s members approved a resolution to create a 25th Chairperson, exceeding the required threshold.

The new Board of 25 Executive Directors will take office on 1 November 2024.