The Board of Governors of the International Monetary Fund IMF, the highest decision-making body of the fund, has increased the number of Executive Directors to 25.
The resolution to increase the number of Executive Directors on the IMF’s Executive Board by adding a 25th chair intended for Sub-Saharan Africa was reached on July 16, 2024, according to a statement by the IMF.
It is an offshoot of the call, made by the International Monetary and Financial Committee IMFC during the 2023 Annual Meetings in Marrakech, for the creation of a 25th chair to improve Sub-Saharan Africa’s voice and representation and the overall balance of regional representation at the Board (See Press Release 23/353).
“The Board of Governors have 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,” said IMF Managing Director Kristalina Georgieva.
Approval by the Board of Governors to change the size of the Executive Board requires an 85 percent majority of the total voting power. The Fund’s membership approved the resolution allowing for the creation of a 25th chair, exceeding the required threshold.
The new Executive Board of 25 Executive Directors will take office on November 1, 2024.
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