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The Board of Governors of the International Monetary Fund (IMF), the organization’s highest decision-making body, has approved a new resolution to add a 25th chair to the IMF’s Executive Board, specifically representing Sub-Saharan Africa.
This decision responds to a request from the International Monetary and Financial Committee during the 2023 Annual Meetings in Marrakech. The move aims to enhance the representation and influence of Sub-Saharan Africa and ensure better regional balance on the Board.
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IMF Managing Director Kristalina Georgieva commented, “The Board of Governors has taken a significant step toward establishing an additional 25th chair at our Executive Board.” “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,” said IMF Managing Director Kristalina Georgieva.
The expansion of the Executive Board required an 85 percent majority of the total voting power, and the resolution successfully surpassed this threshold. The new Executive Board, now consisting of 25 Executive Directors, will commence its term on November 1, 2024.
