Press Release No. <a name="P16_75"></a>04/214

In making the announcement, Mr. de Rato said:

"As Deputy Director of the Finance Department since 1999, Michael Kuhn has helped lead the work on modernizing the Fund's financial policies, streamlining the Finance Department's operations, and strengthening its work on financial risk management and safeguarding the Fund's resources. Throughout his career, he has demonstrated intellectual rigor, outstanding analytical skills, and strong managerial abilities.

"Michael Kuhn takes over from Eduard Brau, who recently retired. Ed Brau provided outstanding leadership to the Finance Department over the past five years, a period that has seen a major improvement in the transparency of the IMF's financial accounts that has been widely acknowledged. During his long and distinguished career, Ed Brau also made contributions to many other areas of the IMF's work, including as Director of the Office of Internal Audit and Inspection from 1996-99. He will be greatly missed at the IMF."

Mr. Kuhn, 54, a national of Germany, has been Deputy Director of the Finance Department (formerly Treasurer's Department) since 1999. He joined the Fund in 1983 and has held senior positions in area and functional departments within the IMF. Mr. Kuhn holds degrees in economics from Golden Gate and Princeton Universities.