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IMF board names World Bank CEO as new managing director

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.