September 29, 2020

Resign David Lipton, the ‘number two’ of the IMF

Lipton leaves the IMF after nine years as deputy managing director, which makes him the person who has held that position in the history of the IMF for a long time.

Among his work in the institution was strategy, policy development and multilateral and country surveillance. He was also in charge of various annual reports presented by the IMF.

“In his position as deputy managing director for the past nine years, David has provided an invaluable service for the members of the Fund and for the global economy as a whole,” Georgieva said.

“Kristalina and I worked together while I was still at the World Bank and I was glad, when he was the acting managing director, to help facilitate his successful transition to the Fund,” added Lipton.

The American began his career as an economist at the IMF itself, where he worked for eight years in the economic stabilization of poor countries and emerging markets. Between 1989 and 1992 he partnered with Professor Jeffrey Sachs, who then worked at Harvard University, and together advised the governments of Russia, Poland and Slovenia in their transition to capitalism.

Subsequently, between 1993 and 1998 he joined the United States Department of the Treasury, where he became undersecretary of the Treasury for International Affairs. Prior to his return to the IMF, in 2011, Lipton worked in the private sector for the Moore Capital Management fund and for the Citi bank.

Georgieva also announced Thursday that the IMF’s administrative director, Carla Grasso, will also leave the institution at the end of February.

Grasso was the maximum responsible in the supervision and coordination of the IMF budget, Human Resources, general services and internal audit functions.

The board joined the Washington-based body in 2015, having held the position of Vice President of Human Resources for the mining company Vale. Previously, Grasso held different positions in the Brazilian Ministries of Social Security, Finance and Development, as well as in the Presidency.

This week, the IMF also announced that the head of the European Department of the agency, Poul Thomsen, in charge of leading the work of the technicians of the entity during the rescue of Greece or Portugal, would retire at the end of July after more than 37 years at the IMF.


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