Press Release: IMF Deputy Managing Director Nemat Shafik Announces Her Departure
IMF News, March 18, 2014
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- Published: March 18, 2014
Announcement
- Date of press release: March 18, 2014
- IMF Deputy Managing Director Nemat “Minouche” Shafik 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.
- 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.
Roles, responsibilities, and contributions at the IMF
- Oversaw much of the Fund’s country work in Europe, including the programs with Greece and Portugal.
- Oversaw work with Arab countries in transition.
- Led efforts to integrate the Fund’s work on capacity building and technical assistance.
- Public commendation from Managing Director Christine Lagarde emphasizing:
- “broad command of policy issues”
- “superb leadership and communications skills”
- “global reputation”
- advice, candor, and loyalty; described as “a dear colleague” and “a dear friend”
Career background and prior positions
- Joined the Fund as Deputy Managing Director in April 2011 (see Press Release 11/55).
- Previously resigned her position as Permanent Secretary of the UK Department for International Development to join the IMF.
- Educational qualifications:
- M.Sc. in Economics from the London School of Economics
- D.Phil. in Economics from Oxford University
- Served as the youngest ever Vice President at the World Bank.
Transition and succession process
- A search for Ms. Shafik’s successor will begin immediately.
- Procedural note on appointment of Deputy Managing Directors:
- The Managing Director selects and appoints the Deputy Managing Directors.
- The appointment requires approval of the Fund’s Executive Board.
- 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.
IMF Press Release No. 14/106