The International Monetary Fund (IMF) has increased the representation of the African continent by adding a third chair to its board.

At the International Monetary and Financial Committee (IMFC) press briefing, which took place at the ongoing IMF and World Bank Annual Meetings in Washington, DC, IMF Managing Director Kristalina Georgieva made the historic announcement.

“Adding a third chair for sub-Saharan Africa to the IMF Board is the most important step we have taken to increase Africa’s voice and representation,” Georgieva stated. Africa will now have three directors out of the 25 members of the IMF Board, allowing for more equitable representation of the continent’s 65 nations.

Georgieva highlighted the difficulties that African countries had previously faced with just two chairs, pointing out that this development puts Africa on level with other global areas in terms of representation.

Additional resources, such as offices with advisers and alternate directors for the African constituency, will accompany this change, which takes effect on November 1. Georgieva also mentioned the IMF’s dedication to diversity, emphasising the organization’s increasing hiring of people from sub-Saharan Africa and the opening of offices and training facilities across many African nations to promote deeper ties with African stakeholders.

Mohammed Aljadaan, the chair of the IMFC and the finance minister of Saudi Arabia, emphasised the unequal growth of the global economy while raising concerns about excessive debt levels and the necessity of sustainable growth routes. He promoted IMF assistance for nations with balance-of-payment problems, particularly those that are experiencing rapid economic growth.

By keeping an eye on global liquidity, responding to disturbances in the international monetary system, and directing policy changes to promote global financial stability, the IMFC advises the IMF Board of Governors.