Kristalina Georgieva approved as new IMF chief

Bulgarian economist Kristalina Georgieva was confirmed as managing director of the International Monetary Fund.

Georgieva, who was previously chief executive of the World Bank, becomes the first person from an emerging economy to lead the IMF, BBC reported.

She will succeed Christine Lagarde, who is leaving to become head of the European Central Bank (ECB). Georgieva has been appointed for a five-year term, starting on October 1.