Press Release No. 99/31

International Monetary Fund (IMF) Managing Director Michel Camdessus has named Eduard Brau, a German national, as Treasurer of the IMF, effective September 1, 1999. Mr. Brau, who currently is the Director of the IMF Office of Internal Audit and Inspection, succeeds David Williams, who is retiring from the institution after 36 years of service.

Mr. Brau joined the IMF in August 1969 and has held various positions in the institution, including that of Deputy Director in the IMF's European II Department until May 1996, when he assumed his current position. The European II Department covers the Baltics and the former Soviet Union.

Mr. Williams, a U.K. national, joined the IMF in August 1963, and held various positions prior to joining the Treasurer's Department in May 1969. He was appointed Treasurer in August 1991.

Mr. Brau studied at Goettingen and Berlin universities and holds a doctorate in economics from Duke University.

The Treasurer's Department has a wide range of responsibilities in the areas of the IMF's financial policies, financial operations, and financial control.