Kristalina Georgieva named IMF managing director

Washington:  The International Monetary Fund on Wednesday formally selected Kristalina Georgieva of Bulgaria to be only the second woman to lead the 189-member institution.

The selection had been all but guaranteed after the global crisis lender said earlier this month that Georgieva, a former World Bank CEO, was the sole candidate.

She is to take up her position as managing director on October 1, replacing Christine Lagarde, who is set to take over the European Central Bank later this year.