Press Release No. 14/106

Press Release: IMF Deputy Managing Director Nemat Shafik Announces Her Departure

March 18, 2014

IMF Deputy Managing Director Nemat “Minouche” Shafik has informed IMF Managing Director Christine Lagarde of her intention to leave the Fund to assume the position of Deputy Governor at the Bank of England responsible for Markets and Banking starting on August 1, 2014.

“I know I speak for all colleagues at the Fund when I say that Minouche will be missed," Ms. Lagarde said. “The fact that she is leaving us to take up such an important post is testimony to her broad command of policy issues, her superb leadership and communications skills, and her global reputation."

Ms. Shafik oversaw much of the Fund’s country work in Europe, including the programs with Greece and Portugal, as well as Arab countries in transition. She also led the efforts to integrate the Fund’s work on capacity building and technical assistance.

 “I have highly valued Minouche’s contribution as part of the senior team and I have greatly appreciated her advice, candor, and loyalty. She is a dear colleague and, I am proud to say, a dear friend as well,” Ms. Lagarde noted.

Ms. Shafik is resigning from her position as Deputy Managing Director with immediate effect, and recusing herself from country and policy matters. She will stay on until mid-June as Special Advisor to the Managing Director.

Ms. Shafik joined the Fund as Deputy Managing Director in April 2011 (see Press Release 11/55) after resigning her position as Permanent Secretary of the UK Department for International Development. Holding a M.Sc. in Economics from the London School of Economics and a D.Phil. in Economics from Oxford University, she has also served as the youngest ever Vice President at the World Bank.

The Managing Director selects and appoints the Deputy Managing Directors. The appointment requires approval of the Fund’s Executive Board and, in making the selection, the Managing Director consults with the Executive Board regarding the type of qualifications that, in the view of the Executive Board, a Deputy Managing Director should possess. A search for Ms. Shafik’s successor will begin immediately.