The International Monetary Fund (IMF’s) immediate priority is to help countries minimize the risk of crises and be ready to cope with downturns, Kristalina Georgieva the next IMF managing director said in a statement on Wednesday.

The executive board of the IMF selected Georgieva as the IMF’s next managing director for a five-year term, starting on October 1, 2019.

“Yet, we should not lose sight of our long-term objective to support sound monetary, fiscal, and structural policies to build stronger economies and improve people’s lives,” Georgieva added, noting that the IMF will deal with issues like inequalities, climate risks, and rapid technological change.

“I am deeply honored to have been selected as Managing Director of the IMF and grateful for the trust that the Fund’s global membership and executive board have placed in me. I want to pay tribute to my predecessor, Christine Lagarde, a great leader and a dear friend, whose vision and tireless work have contributed so much to the continued success of the Fund,” she mentioned.

The IMF is a unique institution with a great history and a world-class staff, she stated, affirming her belief in the IMF’s mandate to help ensure the stability of the global economic and financial system through international cooperation.

The IMF’s role has never been more important, she noted, adding, “It is a huge responsibility to be at the helm of the IMF at a time when global economic growth continues to disappoint, trade tensions persist, and debt is at historically high levels.”

 “I look forward to working with all our 189-member countries, the Executive Board and staff, and with all our partners in the years ahead,” she concluded.