Press Release No. <a name="P16_75"></a> 05/128

Mr. Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), today paid tribute to Enrique Iglesias, the outgoing President of the Inter-American Development Bank, and congratulated him for his selection as Secretary General of the Ibero-American Summit.

The Managing Director issued the following statement:

"I congratulate my friend Enrique Iglesias for his selection to be the Secretary General of the new Ibero-American Summit organization. At the same time, we will miss seeing him at the helm of the Inter-American Development Bank, which he has ably led for the last 17 years.

"As Managing Director of the IMF, I have had the chance to work closely with Enrique in a wide variety of economic, social and financial issues important to the development of Latin America and the Caribbean. In these endeavors, our cooperation benefited from Enrique's energy and devotion to the people of these regions. During his tenure at the IADB, he broadened the bank's membership, built bridges to Asia and Europe, increased its capital resources and effectively expanded its activities so that it could better extend support to millions of people seeking to achieve a better standard of living.

"We all recall that in his former role as Uruguay's Minister for Foreign Relations he chaired the trade conference that eventually led to the creation of the World Trade Organization. He has also been a teacher, a central banker, and Executive Secretary of the U.N. Economic Commission for Latin America and the Caribbean. These are roles that serve as a testimony to his commitment to public service and in which Enrique has shown he is a powerful force for change and for reform. His emphasis on stabilization and growth, on education, human rights and community empowerment have guided and inspired us."