Press Release No. 06/116

Press Release: Statement by IMF Managing Director de Rato on Resignation of U.S. Treasury Secretary John Snow and Nomination of Henry Paulson

May 30, 2006

Mr. Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), issued the following statement today following the announcement that John Snow would resign as Secretary of the U.S. Treasury and that Henry Paulson would be nominated as his replacement:

"I have very much valued working with John Snow during his tenure as Treasury Secretary. We in the international community have gained greatly from his wise counsel and his effective stewardship of the U.S. economy. I have personally benefited from John's great wisdom and insights.

"We look forward to working with Henry Paulson and are confident that his extensive service in the financial sector and in government has prepared him well for the important challenges facing the United States and the global economy."