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The International Monetary Fund (IMF) has resolved to expand its Executive Board by adding a 25th chair, specifically dedicated to Sub-Saharan Africa.
This was resolved by the IMF Board of Governors on Saturday.
This resolution, which garnered the necessary 85 percent majority of the Fund’s total voting power, underscored a significant shift towards enhancing the representation of Sub-Saharan Africa within the IMF’s decision-making apparatus.
The initiative followed the 2023 Annual Meetings in Marrakech, where the International Monetary and Financial Committee called for increased Sub-Saharan African representation to address regional imbalances.
IMF Managing Director, Kristalina Georgieva, in a statement hailed the move as a crucial advancement towards a more inclusive Board that accurately mirrored the global economic landscape.
“The Board of Governors has taken an important step towards creating an additional 25th chair at our Executive Board to increase Sub-Saharan Africa’s representation in IMF decision making, to make our Board more inclusive and to reflect the region’s role in the global economy,” Georgieva said.
The newly expanded Executive Board, now featuring 25 Executive Directors, would formally take office on November 1, 2024, marking a pivotal moment in the IMF’s governance and regional representation.
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