International Current Affairs - 2019

Latest International Current Affairs 2019 with news summaries and current events in International developments, geopolitical, organizations, groupings and fora related updates for India and world with all important national news updates and events for the year 2019.

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Kristalina Georgieva appointed as new IMF chief

The Bulgarian Economist Christina Georgieva was appointed as the new head of the International Monetary Fund.

Kristalina Georgieva

Kristalina had served as Chief Executive in World Bank as well. Before becoming CEO of the bank in 2019, she had served in number of top positions in the Bank since 2008. In 2014, she served as Vice – President of European Commission. She had run the post of Secretary – General at the UN for a very short duration. Her tenure ended following a vote at the UN Security Council where Antonio Guterres gained its support.

She began her career at the World Bank in 1993. Her works and coordination towards disaster around the world in 2010 were applauded. It included floods in Pakistan, earthquake in Haiti and Chile, industrial accident at Ajka, Hungary and Romanian floods.

Awards

Georgieva was named “European of the year” in 2010. She was also awarded “EU Commissioner of the year” for her handling of humanitarian crisis in Pakistan and Haiti.

Responsibilities of IMF Chief

The responsibilities of IMF chief are defined in IMF’s Article of Agreement. According to the article, the chief shall coordinate the operating staff and the funds of IMF under an Executive board. He or she is responsible for appointment and dismissal of the staff of the Fund.

Selection Process of IMF Chief

The IMF chief is appointed by a 24 member Executive board. It is completely merit based. The directors of the board were allowed to file nominations for the post till 2011. After 2011, the appointments were based on managerial, diplomatic and professional skills of the director.

Indians in IMF

Indian born Gita Gopinath was the first Indian woman to hold a higher position in IMF. She joined IMF in 2018 as a Chief Economist. Before her the Ex – RBI chief Raghuram Rajan was the first Indian to hold the position of Chief Economic Advisor in the IMF.

Reports published by IMF

IMF publishes 2 major reports (1) World Economic Outlook – It is published biennially. It gives an overview and detailed analysis of the world economy by considering the issues of industrial countries, economies in the mode of transition and developing countries. (2) Global Financial Stability Report – It is also published twice a year. The report assesses stability of global financial market and emerging markets.

About IMF

IMF is an international organisation headquartered at Washington DC. It consists of 189 countries. IMF works towards global monetary cooperation, facilitates international trade and secures financial stability. It was formed in 1944 at the Bretton Woods Conference.

Gandhi Peace Garden inaugurated at UN HQ in New York

Prime Minister Narendra Modi, along with United Nation chief Antonio Guterres and other world leaders, inaugurated the Gandhi Peace Garden at the UN headquarters in New York. The inauguration was held during a special commemorative event on that marked Mahatma Gandhi’s 150th birth anniversary.

About Gandhi Peace Garden

It is an innovative initiative under which Consulate General of India (in New York), Shanti Fund (a Long Island-based NGO) and State University of New York- Old Westbury have entered into an agreement for planting 150 trees.

It is a crowdsourced project, with people adopting trees in memory of their loved ones at the State University of New York-Old Westbury campus. The garden is in an open site within 600 acres campus of the University.

The garden is dedicated in memory of Mahatma Gandhi and seeks to underline that his principles act as a moral compass as world grapples with challenges of climate change, terrorism and corruption