International Monetary Fund



Highlights of this section:

The IMF is led by a Managing Director, who is head of the staff and Chairman of the Executive Board. The Managing Director is assisted by a First Deputy Managing Director and three other Deputy Managing Directors. The Management team oversees the work of the staff and maintains high-level contacts with member governments, the media, non-governmental organizations, think tanks, and other institutions.

Managing Director: Duties and selection

According to the IMF's Articles of Agreement, the Managing Director "shall be chief of the operating staff of the Fund and shall conduct, under the direction of the Executive Board, the ordinary business of the Fund. Subject to the general control of the Executive Board, he shall be responsible for the organization, appointment, and dismissal of the staff of the Fund."

The IMF's Executive Board is responsible for selecting the Managing Director. Any Executive Director may submit a nomination for the position, consistent with past practice. When more than one candidate is nominated, as has been the case in recent years, the Executive Board aims to reach a decision by consensus.

The current management team

Christine Lagarde

Managing Director, Christine Lagarde, a French national, joined the IMF as Managing Director in July 2011. Before coming to the IMF, she was France's Minister for Economy, Finance and Industry.
Ms. Lagarde has resigned from the IMF with effect from September 12, 2019. First Deputy Managing Director David Lipton is the Acting Managing Director of the IMF.

David Lipton

David Lipton, of the United States, joined the IMF as Special Advisor to the Managing Director in July 2011. On September 1, 2011 he became First Deputy Managing Director. Prior to joining the IMF, Lipton served as Special Assistant to the President and as Senior Director for International Economic Affairs at the U.S. National Economic Council and U.S. National Security Council at the White House.
David Lipton was appointed Acting Managing Director on July 2, 2019, when Christine Lagarde temporarily relinquished her duties as Managing Director.

Mitsuhiro Furusawa

Mitsuhiro Furusawa, from Japan, joined the IMF as Deputy Managing Director in March 2015 after a distinguished career in the Japanese government. Prior to joining the IMF, he served as Special Advisor to Japanese Prime Minister Shinzo Abe. Furusawa also served as IMF Executive Director from 2010 to 2012.

Carla Grasso

Carla Grasso, a dual national of Brazil and Italy, joined the IMF as Deputy Managing Director and Chief Administrative Officer in February 2015. Before coming to the IMF, she worked at Vale S.A., one of the world's largest mining companies, serving as Vice President for Human Resources and Corporate Services from 2001 to 2011.

Tao Zhang

Tao Zhang, from China, assumed the role of Deputy Managing Director at the IMF on August 22, 2016. He brings extensive international economic expertise and experience in policymaking, including with international financial institutions, from his previous appointments as the Deputy Governor of the People's Bank of China and IMF's Executive Director for China from 2011 to 2015.