Bulgarian economist Kristalina Georgieva has been selected as the new managing director of the International Monetary Fund.
Ms Georgieva, who was previously chief executive of the World Bank, becomes the first person from an emerging economy to lead the IMF.
She will succeed Christine Lagarde, who is leaving to become head of the European Central Bank (ECB).
Ms Georgieva has been appointed for a five-year term, starting on 1 October.
Speaking after her selection by the IMF’s executive board, she described herself as “a firm believer in its mandate to help ensure the stability of the global economic and financial system through international co-operation
Ms Georgieva was the only nominee for the job.