The International Monetary Fund (IMF) has formally approved Kristalina Georgieva as its managing director.

Georgieva will start her five-year term on Oct. 1, the IMF’s executive committee said in a statement.

She succeeds Christine Lagarde, who is stepping down to take over as president of the European Central Bank, replacing Italian economist Mario Draghi.

The European Union made the decision to nominate Georgieva, a Bulgarian economist and former World Bank CEO, for the post on Aug. 2.

Born in 1953 in Sofia, Bulgaria, Georgieva has also served as European Commission vice-president for budget and human resources.