News Brief

Today the Executive Board of the International Monetary Fund (IMF) met to bid farewell to Michel Camdessus, Chairman of the Board and Managing Director of the IMF since January 1987. At the close of the meeting, and on behalf of the full Board, Ms. Karin Lissakers, the Executive Director for the United States, read the following resolution of appreciation:

"WHEREAS on February 14, 2000, Mr. Michel Camdessus will conclude a long and a distinguished period of service to the International Monetary Fund's 182 member countries and to the international community on relinquishing the post of Managing Director of the IMF and Chairman of its Board of Executive Directors that he has held since January 16, 1987;

"WHEREAS Mr. Camdessus has steered the IMF through a period of unprecedented challenges with verve, skill, vision, and dedication;

"WHEREAS Mr. Camdessus has presided with unbounded energy over a strong, coherent, and effective institution;

"WHEREAS Mr. Camdessus has contributed immeasurably to fostering sound economic policies in widely diverse economies and promoting the IMF's role as the central forum for international monetary cooperation;

"WHEREAS Mr. Camdessus has led the way in helping prepare the IMF's universal membership to meet the challenge of maximizing the rewards and minimizing the risks of a truly open global world economy;

"WHEREAS Mr. Camdessus has catalyzed the IMF's membership to create new instruments and policies to deal with historic global changes, while safeguarding and strengthening its traditional ones; and

"WHEREAS Mr. Camdessus, having always kept in clear view the human dimension of economic issues, has played a vital role in placing high-quality growth and reduction of poverty at the center of the international community's concerns, and has been a principal architect of the international debt reduction initiatives and the Poverty Reduction and Growth Facility (PRGF) in the Fund;

"NOW, THEREFORE, IT IS RESOLVED: That the members of the Executive Board record their profound appreciation of the leadership he provided to the IMF during a uniquely momentous time, their deep regret at his leaving, and their best wishes to him and his family in all their future activities."

Adopted by the Executive Board
February 8, 2000