Press Release No. 96/26

The Executive Board of the International Monetary Fund (IMF) today unanimously selected Michel Camdessus to serve a third five-year term as Managing Director and Chairman of the Executive Board of the IMF, beginning January 16, 1997.

In accepting the appointment, Mr. Camdessus said that it would be a privilege to continue to be associated with the IMF. He noted that his appointment to a third term as Managing Director took place at the time of the celebration of the 50th anniversary of the first meeting of the Executive Board. He looked forward with great pleasure to continuing to work closely with the other members of the Executive Board in serving the purposes of the IMF.

Mr. Camdessus assumed his duties as the seventh Managing Director of the Fund on January 16, 1987.

Prior to his appointment as Managing Director, Mr. Camdessus was Governor of the Bank of France (1984-87), Director of the French Treasury (1982-84), Chairman of the Paris Club (1978-84), and Chairman of the Monetary Committee of the European Economic Community (1982-84). Mr. Camdessus was named Governor of the IMF for France in 1984. Mr. Camdessus was educated at the University of Paris and earned postgraduate degrees in economics at the Institute of Political Studies of Paris and at France's National School of Administration.

Mr. Camdessus was born in Bayonne, France, on May l, 1933. A French national, he is married to Brigitte d'Arcy; they have six children.