IMF to create 25th chair for Sub-Saharan Africa at executive board

By Ovunc Kutlu

ISTANBUL (AA) - The International Monetary Fund (IMF) said Friday its Board of Governors issued a new resolution to increase the number of Executive Directors on the Executive Board by adding a 25th chair intended for Sub-Saharan Africa.

The IMF Managing Director Kristalina Georgieva said in a statement that the decision will make the Board of Governors, the highest decision making body of the financial agency, more inclusive and that it will reflect the region's role in the global economy,

"Approval by the Board of Governors to change the size of the Executive Board requires an 85 percent majority of the total voting power," said the statement. "The Fund’s membership approved the resolution allowing for the creation of a 25th chair, exceeding the required threshold."

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

The decision for the creation of a 25th chair to improve Sub-Saharan Africa's representation was made by the International Monetary and Financial Committee during the 2023 Annual Meetings in Marrakech, Morocco.