The International Monetary Fund's Executive Board officially selected World Bank Group CEO Kristalina Georgieva as its new managing director.
Georgieva will start her five-year term on Oct. 1, replacing Christine Lagarde, who will take over as president of the European Central Bank on Nov. 1.
Georgieva, a Bulgarian national, will be the first IMF managing director coming from an emerging market economy, according to the IMF.
"It is a huge responsibility to be at the helm of the IMF at a time when global economic growth continues to disappoint, trade tensions persist, and debt is at historically high levels," Georgieva said in a statement about a week after the IMF warned that the U.S.-China trade dispute could reduce global economic output by 0.8% in 2020.
Georgieva said the IMF's "immediate priority" under her leadership is to help countries lower the risk of crises and make them prepared for downturns.
