Kristalina Georgieva is poised to succeed Christine Lagarde as managing director of the IMF after the board of the Washington-based multilateral lender said on Monday she was the sole contender for the job.

Ms Georgieva, a 66-year old Bulgarian who has served as chief executive of the World Bank since early 2017, will face a raft of challenges if her appointment is confirmed by the IMF’s directors. The lack of other nominees means her success in the race is all but guaranteed.

As a champion of multilateralism, Ms Georgieva is expected to maintain Ms Lagarde’s recent focus on tackling climate change, boosting female labour participation and reducing inequality. A longtime World Bank official who served as EU commissioner for aid and crisis response, Ms Georgieva has more expertise in development than Ms Lagarde but less familiarity with financial trouble in advanced economies.