site.btaIMF Managing Director Kristalina Georgieva Receives Honorary Doctorate from Sofia Economics University
The University of National and World Economy (UNWE) has awarded the honorary title of Doctor Honoris Causa to the Managing Director of the International Monetary Fund, Associate Professor Dr. Kristalina Georgieva, the UNWE said here on Tuesday. The event in the university’s Maxima Hall was attended by Prime Minister Kiril Petkov, MPs, members of the university leadership, bankers, public figures and students.
The honorary academic title is awarded for the merits of Kristalina Georgieva as an internationally recognized leader and visionary in the development of the global economy and the stabilization of financial institutions, human capital and social change aimed at improving the lives of people in different parts of the world, for her valuable academic and scientific achievements in the field of economics, climate change and sustainable development on a global scale, as well as her contribution to overcoming humanitarian crises and disasters through prevention and rapid operational action.
UNWE Rector Prof Dimitar Dimitrov pointed out that Kristalina Georgieva is a figure on a global scale, with a leading position in three of the most influential institutions in the world: the European Commission, the World Bank and the International Monetary Fund.
2022 will be a very difficult year - we are entering one crisis after another. The covid pandemic has led to an even more terrible war in Ukraine, Georgieva said in her speech at the honorary title.
The war has dramatic consequences, especially for Ukraine, whose economy will shrink by more than 40% this year, and for Russia, whose economy will shrink by more than 10%, she said.
The war in Ukraine means famine in Africa because the world is interdependent, the world is already one, Georgieva said. We see how dependent we are on nature - a virus has travelled the world and stopped the economy. We have learned that we are unprepared to deal with more than one crisis at a time. When the war in Ukraine began, no one was talking about covid anymore, she said.
The next conclusion is that we must have a sustainable economy. A sustainable economy means going back to Adam Smith's theory that we need peace, low taxes, and a good judiciary. No one has come up with another formula for wealth like Adam Smith, Georgieva said.
However, in his time there were fewer people, now we are close to 8 billion and that is why empathy and kindness are needed, she added.
We need to be more flexible in economic policy and be fast in what lies ahead. Digital money will evolve, and there will be alternatives, such as central banks issuing digital currencies. Bitcoins are not money, no matter how much they are said to be money, because their value is constantly changing. We may also be in a world of unregulated digital money, such as the so-called stablecoins, she said.
Learn from everyone and everywhere, Kristalina Georgieva urged the students at the end of her speech.