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Bulgarian Economist Selected as New Leader of IMF

Associated Press

   WASHINGTON - A Bulgarian economist who grew up when her country was a
   communist nation has been selected to be the next leader of one of
   capitalism's premier institutions, the 189-nation International
   Monetary Fund.

   Kristalina Georgieva, a top official at the World Bank, was chosen by
   the IMF's executive board on Wednesday to become the IMF's managing
   director. She succeeds Christine Lagarde who is stepping down to take
   over as head of the European Central Bank.

   The IMF is the world's lender of last resort, providing emergency loans
   when countries are facing financial crisis. Georgieva takes over at a
   time when the global economy is slowing and the two biggest economies,
   the United States and China, are engaged in an escalating trade war.

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