By Emma Ujah, Washington DC

The African region has secured a third chair on the International Monetary Fund (IMF) board, enhancing the continent’s representation within the organization.

This historic move was announced by IMF Managing Director Kristalina Georgieva at the International Monetary and Financial Committee (IMFC) press briefing, held during the ongoing Annual Meetings of the IMF and World Bank in Washington, DC.

Georgieva explained, “The most significant step we have taken to increase Africa’s voice and representation is to add a third chair for sub-Saharan Africa on the IMF Board.” With this addition, Africa will now have three directors among the 25 on the IMF Board, enabling more balanced representation of the 65 African countries.

Georgieva emphasized the challenges previously faced by African nations with only two chairs, noting that this development places Africa on par with other world regions in terms of representation.

This shift, effective November 1, will come with additional resources, including offices staffed with advisers and alternate directors for the African constituency. Georgieva also noted the IMF’s commitment to enhancing diversity, highlighting increased recruitment from sub-Saharan Africa and establishing training centers and offices in multiple African countries to foster closer engagement with African stakeholders.

IMFC Chair and Saudi Finance Minister, Mohammed Aljadaan, underscored the global economy’s uneven growth, citing concerns about high debt levels and the need for sustainable growth pathways. He advocated for IMF support for countries facing balance-of-payment issues, especially those on positive development trajectories.

The IMFC serves an advisory role to the IMF Board of Governors, monitoring global liquidity, addressing disruptions to the international monetary system, and guiding policy adjustments to support global financial stability.