Press Release No. 15/03

Press Release: Deputy Managing Director Naoyuki Shinohara to Leave IMF

January 14, 2015

Mr. Naoyuki Shinohara, Deputy Managing Director at the International Monetary Fund (IMF), has notified IMF Managing Director Christine Lagarde of his intention to leave the Fund to return to Japan at the end of this term. His last day at the Fund will be February 28.

Mr. Shinohara joined the Fund in March 2010, at the height of the global financial crisis. His particular contributions included helping the Fund to replenish its financial resources by more than $500 billion through the expansion of the New Arrangements to Borrow (NAB) and the adoption of bilateral borrowing agreements—measures that helped reassure financial markets that the Fund had sufficient resources to assist its member countries through the crisis.

Mr. Shinohara also oversaw wide-ranging reforms of the Fund’s lending facilities that broadened the coverage of emergency assistance, enhanced liquidity provision, and ensured that the IMF’s Poverty Reduction and Growth Trust would be financially self-sustaining. In addition, he worked to advance IMF quota and governance reform.

“With his trademark efficiency and sharp insights, Naoyuki has helped the Fund to respond to the crisis and, overall, strengthen our relationship with our global membership. He will be greatly missed by all of us,” Ms. Lagarde said, “and I wish to thank him for his unwavering commitment to the Fund, its staff, and its member countries.”

“Naoyuki helped the Fund strengthen ties with member countries especially in Asia, Africa, and the Middle East,” Ms. Lagarde added. “He also played a key role in maintaining and further strengthening the Fund’s productive relationship with Japan. At the regional level, he advanced the Fund’s agenda through his active engagement with the Association of Southeast Asian Nations, the South East Asian Central Banks Initiative, and the Asia-Pacific Economic Cooperation forum. The results of his efforts have included much improved relations with many of the Fund’s smaller member countries.”

On top of these responsibilities, Mr. Shinohara has overseen the IMF’s information technology and economic data management, administrative services, buildings, space utilization, and staff safety.

The IMF will begin the search for Mr. Shinohara’s successor immediately.