The International Monetary Fund (IMF) member countries have elected an expanded Executive Board of 25 Executive Directors, including three representing Sub-Saharan Africa(SSA.)
IMF Media Centre disclosed this in a statement on Saturday in Abuja.
According to the statement, the completion of the Fund’s 2024 Regular Election of Executive Directors on Oct. 25 was the final step in the creation of an additional chair dedicated to SSA.
It said this was following the call by the International Monetary and Financial Committee (IMFC) at the 2023 Annual Meetings in Marrakech, Morocco, to improve the region’s voice and representation and the overall balance of regional representation at the board.
The statement said on July 16, the IMF Board of Governors issued a resolution to increase the number of Executive Directors from 24 to 25 with the 25th chair intended for SSA.
“This resolution received overwhelming approval from the fund’s membership–more than the required 85 per cent majority of the total voting power.
“The expansion was implemented with the 2024 Regular Election of Executive Directors.
“This was when the 45 SSA member countries, previously organised into two constituencies, were reorganised into three new constituencies: Central and Eastern Africa, Southern Africa and West Africa.”
It quoted the IMF’s Managing Director, Kristalina Georgieva, as saying it was a historic milestone for the IMF and Africa.
“Not only does the addition of a third African chair to our board reflect the continent’s tremendous progress in developing its human and economic potential, but it will strengthen Africa’s voice and bring the IMF closer to the people we serve.”
The statement said the Executive Board was last expanded 32 years ago in 1992, with the addition of two new chairs to represent new member countries after the dissolution of the Soviet Union.