The International Monetary Fund (IMF) announced on Friday a significant expansion of its Executive Board. The decision, approved by the Board of Governors, will add a 25th chair specifically representing Sub-Saharan Africa.
This move is aimed at enhancing the inclusivity of the IMF’s highest decision-making body and reflecting the growing economic importance of the region. IMF Managing Director Kristalina Georgieva emphasized that the addition of the new chair will better represent Sub-Saharan Africa’s role in the global economy.
To implement this change, an 85 percent majority of the total voting power was required. With overwhelming support from IMF members, the resolution to create the 25th chair was successfully passed.
The expanded Board of 25 Executive Directors will officially take effect on November 1, 2024. The decision to increase the Board’s size was initially proposed by the International Monetary and Financial Committee during the 2023 Annual Meetings held in Marrakech, Morocco.
The inclusion of a dedicated chair for Sub-Saharan Africa marks a significant step towards greater representation for the region within the IMF’s governance structure.
