Nemat Shafik

IMF Deputy Managing Director (April 2011-March 2014)
Biographical Information

July 28, 2017

Nemat Shafik served as IMF Deputy Managing Director from April 2011 until March 2014. She resigned from that position to assume the position of Deputy Governor at the Bank of England responsible for Markets and Banking, starting on August 1, 2014 (press release). As Deputy Managing Director, Ms. Shafik was responsible for country work in Europe and the Middle East, the IMF’s $1 billion administrative budget, human resources for its 3,000 staff and the IMF’s training and technical assistance for policy makers around the world. She regularly chaired the Board of the IMF and represented the organization in a variety of global fora.

Nemat Shafik was Permanent Secretary of the Department for International Development (DFID) from March 2008 to March 2011. As chief executive of the department responsible for all UK development efforts she oversaw a bilateral aid programme in over 100 countries, multilateral policies and financing for the United Nations, European Union and international financial institutions, and overall development policy and research. She was the primary interface for Ministers, appeared regularly before Parliament and represented the department externally.

Prior to coming to DFID in 2004, Nemat Shafik was the youngest ever Vice President at the World Bank where she was responsible for improving the performance of a private sector and infrastructure portfolio of investments worth about $50 billion. She also led a revitalization of the Bank’s infrastructure business through product innovation and created global groups to provide both policy advice, debt and equity investments jointly with the International Finance Corporation in the areas of oil, gas and mining, telecommunications, small and medium enterprises, project finance and guarantees.

Nemat Shafik has also chaired six international consultative groups and served on seven boards on a wide range of sectors and issues. She has held a number of academic appointments at the Wharton Business School of the University of Pennsylvania and the Economics Department at Georgetown University. Nemat Shafik attained her BA in Economics and Politics from the University of Massachusetts-Amherst, her MSc in Economics from the London School of Economics, and a DPhil in Economics from St. Antony's College, Oxford University. Nemat Shafik has authored, edited, and co-authored a number of books and articles. She was named “Woman of the Year” for Global Leadership and Global Diversity in 2009.