The third representative of sub-Saharan African countries on the International Monetary Fund’s executive board will be announced on November 1, Kristalina Georgieva, director general of the lender, told Deutsche Welle. The number of seats on the IMF’s Executive Board will increase to 25 with the addition of one representative for Africa.

Sub-Saharan Africa currently has two seats on the International Monetary Fund’s Executive Board. The addition of Africa One will increase the number of seats on the lender’s executive board to 25.

The executive board, chaired by Kristalina Georgieva, oversees the day-to-day operations of the Washington, DC-based lender.

Their voice in the International Monetary Fund and World Bank creditor countries is very high. The US, Japan, China, and Europe are the most vocal in the two institutions, respectively. By contrast, countries that borrow from the International Monetary Fund and the World Bank and are considered “developing” by the rich have a lower vote.

International Monetary Fund Director Kristalina Georgieva said in an interview with Deutsche Welle on November 1, 2024, “One more board member from Sub-Saharan Africa will be added to the Governing and Executive Board.”

“We are doing this because we believe that Africa should be represented more fairly,” Georgieva explained.

Sub-Saharan African countries have two seats on the Executive Board of the International Monetary Fund. The countries are divided into two categories and have different representatives. There are 23 African countries in the category where Ethiopia is located, and the countries are represented by the economist Willy Nakunyada in the 2024. Ethiopia’s neighbors Eritrea, Somalia, Sudan, and South Sudan are in the same category.

The second category is represented by Regis Oliver N’Sonde and includes 24 African countries including Djibouti, Rwanda, and Senegal. According to Kristalina Georgieva, the Director-General of the International Monetary Fund, the African countries that are now included in two categories will be divided into three places when a third seat is added. “We will announce the results after the voting is over,” said the director-general.

In an interview with Deutsche Welle, the director-general said that the International Monetary Fund is providing financial assistance to countries facing increased credit pressure. When it is confirmed that the debt burden of borrowers is not sustainable, the Group of 20 countries, including the common framework, will make payment reforms in discussions with the International Monetary Fund.