Press Release No. 06/220

Press Release: Deputy Managing Director Agustín Carstens to Leave the IMF

October 16, 2006

Mr. Agustín Carstens, Deputy Managing Director of the International Monetary Fund (IMF), has informed Managing Director Rodrigo de Rato of his intention to leave the Fund with immediate effect to accept an appointment in Mexico President-elect Felipe Calderon's transition team as coordinator of the economic program.

Announcing his intention to leave, Mr. Carstens said, "When I arrived in 2003, it was my intention to serve for five years. It is, therefore, with great regret that I have to say good-bye today in order to work in the service of my country."

"I am leaving with the conviction that the Fund is now a much stronger institution. The world has been changing and so has the Fund. We have in place a solid strategy for the medium-term, which has the full support of our membership. I am, therefore, certain that the times ahead will be good both for the Fund and for its membership.

"I would like to thank Rodrigo de Rato for his leadership, and former IMF Managing Director Horst Köhler for the trust he placed in me. I am also grateful for the productive atmosphere created by the Executive Board. It has been my privilege to work with a unique staff in an intellectually stimulating environment. I would like to assure you that in any future endeavors of mine I will remain a strong supporter of the Fund."

Mr. de Rato said, "I would like to thank Agustín Carstens for the important contribution he has made to the work of the Fund. I am also certain that with his wealth of experience, from his time at the Banco de México, his work as Deputy Secretary of Finance, and of course his work here at the Fund, Agustín will make a very important contribution in Mexico in the coming years.

"In his three years at the Fund, he has made a tremendous impact in many areas. I would just like to mention a few.

"Agustín has been a tireless advocate for keeping in close contact with our membership. He has traveled very widely and has been a superb ambassador for the Fund, who carried high credibility with policymakers. This reflects both his analytical skills and sharp intellect, as well as his unique experience and perspective, having served in a ministry of finance, a central bank and also as a member of the IMF's Executive Board. He knows that the Fund can make a difference, and he has shown how we can do that.

"Agustín provided important leadership as a member of the IMF's management team. He was a driving force, in particular, for making our technical assistance work more effective. He clearly understood that good policy advice in surveillance and lending programs needs to be backed up by providing robust technical assistance to strengthen institutional frameworks.

"Agustín also contributed to strengthening the Fund's work on financial sector issues. He established the Public Debt Managers Forum, which has allowed emerging market debt managers to share their experiences and to provide important input into the Fund's work on financial stability issues. And he has consistently brought to the attention of the international community the importance of well-functioning financial systems. He has emphasized both the economic and fiscal costs of bank failures and the importance of financial systems in promoting growth and development.

"Finally, I would like to thank Agustín for all the advice and support that he provided to me," Mr. de Rato stated.

The Management team of the IMF consists of the Managing Director, Mr. Rodrigo de Rato; a First Deputy Managing Director, Mr. John Lipsky, and two deputy managing directors,

Mr. Carstens and Mr.Takatoshi Kato, who was appointed in 2004. For additional background on Mr. Carstens: http://0-www-imf-org.library.svsu.edu/external/np/omd/bios/ac.htm.

A successor to Mr. Carstens, who joined the IMF on August 1, 2003, is expected to be named in due course by Mr. de Rato.