By Michel Haoses.
The International Monetary Fund (IMF) member countries have successfully elected an expanded Executive Board of 25 Executive Directors, including three representing Sub-Saharan Africa.
The new Board’s term commenced on 1 November.
According to the statement, the expansion was implemented after the IMF Board of Governors issued a resolution on 16 July, to increase the number of Executive Directors from 24 to 25, with the 25th chair intended for Sub-Saharan Africa.
This follows the call made by the International Monetary and Financial Committee (IMFC) during the 2023 Annual Meetings in Marrakech to improve Sub-Saharan Africa’s voice and representation and the overall balance of the regional representation at the Board.
Furthermore, the completion of the Fund’s 2024 Regular Election of Executive Directors last month, was the final step in the creation of an additional chair when the 45 Sub-Saharan Africa member countries, previously organised into two constituencies, were reorganised into three new constituencies namely; Central and Eastern Africa, Southern Africa, and West Africa.
IMF Managing Director, Kristalina Georgieva said the additional chair for Sub-Saharan Africa 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, but it will also strengthen Africa’s voice and bring the IMF closer to the people we serve,” she added.