Leadership

A three-quarter portrait of an elegantly dressed Christine Lagarde, perhaps in her early 60s sitting in a chair behind a microphone. She looks fit and tanned. Her overall mien is alert, pleasant, and intelligent.


Board of Governorsedit

The Board of Governors consists of one governor and one alternate governor for each member country. Each member country appoints its two governors. The Board normally meets once a year and is responsible for electing or appointing executive directors to the Executive Board. While the Board of Governors is officially responsible for approving quota increases, special drawing right allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws, in practice it has delegated most of its powers to the IMF's Executive Board.

The Board of Governors is advised by the International Monetary and Financial Committee and the Development Committee. The International Monetary and Financial Committee has 24 members and monitors developments in global liquidity and the transfer of resources to developing countries. The Development Committee has 25 members and advises on critical development issues and on financial resources required to promote economic development in developing countries. They also advise on trade and environmental issues.

The Board of Governors reports directly to the Managing Director of the IMF, Kristalina Georgieva.

Executive Boardedit

24 Executive Directors make up the Executive Board. The Executive Directors represent all 189 member countries in a geographically based roster. Countries with large economies have their own Executive Director, but most countries are grouped in constituencies representing four or more countries.

Following the 2008 Amendment on Voice and Participation which came into effect in March 2011, seven countries each appoint an Executive Director: the United States, Japan, China, Germany, France, the United Kingdom, and Saudi Arabia. The remaining 17 Directors represent constituencies consisting of 2 to 23 countries. This Board usually meets several times each week. The Board membership and constituency is scheduled for periodic review every eight years.

Managing Directoredit

The IMF is led by a managing director, who is head of the staff and serves as Chairman of the Executive Board. Historically, the IMF's managing director has been European and the president of the World Bank has been from the United States. However, this standard is increasingly being questioned and competition for these two posts may soon open up to include other qualified candidates from any part of the world. In August 2019, the International Monetary Fund has removed the age limit which is 65 or over for its managing director position.

In 2011, the world's largest developing countries, the BRIC nations, issued a statement declaring that the tradition of appointing a European as managing director undermined the legitimacy of the IMF and called for the appointment to be merit-based.

List of Managing Directorsedit

Term Dates Name Country of origin Background
1 6 May 1946 – 5 May 1951 Dr. Camille Gutt  Belgium Politician, Economist, Lawyer, Economics Minister, Finance Minister
2 3 August 1951 – 3 October 1956 Ivar Rooth  Sweden Economist, Lawyer, Central Banker
3 21 November 1956 – 5 May 1963 Per Jacobsson  Sweden Economist, Lawyer, Academic, League of Nations, BIS
4 1 September 1963 – 31 August 1973 Pierre-Paul Schweitzer  France Lawyer, Businessman, Civil Servant, Central Banker
5 1 September 1973 – 18 June 1978 Dr. Johan Witteveen  Netherlands Politician, Economist, Academic, Finance Minister, Deputy Prime Minister, CPB
6 18 June 1978 – 15 January 1987 Jacques de Larosière  France Businessman, Civil Servant, Central Banker
7 16 January 1987 – 14 February 2000 Dr. Michel Camdessus  France Economist, Civil Servant, Central Banker
8 1 May 2000 – 4 March 2004 Horst Köhler  Germany Politician, Economist, Civil Servant, EBRD, President
9 7 June 2004 – 31 October 2007 Rodrigo Rato  Spain Politician, Businessman, Economics Minister, Finance Minister, Deputy Prime Minister
10 1 November 2007 – 18 May 2011 Dr. Dominique Strauss-Kahn  France Politician, Economist, Lawyer, Businessman, Economics Minister, Finance Minister
11 5 July 2011 – 12 September 2019 Christine Lagarde  France Politician, Lawyer, Finance Minister
12 1 October 2019 – present Dr. Kristalina Georgieva  Bulgaria Politician, Economist

Former managing director Dominique Strauss-Kahn was arrested in connection with charges of sexually assaulting a New York hotel room attendant and resigned on 18 May. The charges were later dropped. On 28 June 2011 Christine Lagarde was confirmed as managing director of the IMF for a five-year term starting on 5 July 2011. She was re-elected by consensus for a second five-year term, starting 5 July 2016, being the only candidate nominated for the post of Managing Director.

First Deputy Managing Directoredit

The managing director is assisted by a First Deputy managing director who, by convention, has always been a national of the United States. Together, the Managing Director and his/her First Deputy lead the senior management of the IMF. Like the Managing Director, the First Deputy traditionally serves a five-year term.

List of First Deputy Managing Directorsedit

Term Dates Name Country of origin Background
1 9 February 1949 – 24 January 1952 Andrew N. Overby  United States Banker, Senior U.S. Treasury Official
2 16 March 1953 – 31 October 1962 H. Merle Cochran  United States U.S. Foreign Service Officer
3 1 November 1962 – 28 February 1974 Frank A. Southard, Jr.  United States Economist, Civil Servant
4 1 March 1974 – 31 May 1984 William B. Dale  United States Civil Servant
5 1 June 1984 – 31 August 1994 Richard D. Erb  United States Economist, White House Official
6 1 September 1994 – 31 August 2001 Stanley Fischer  United States /  Israel Economist, Central Banker, Banker
7 1 September 2001 – 31 August 2006 Anne O. Kreuger  United States Economist
8 17 July 2006 – 11 November 2011 John P. Lipsky  United States Economist
9 1 September 2011 – 28 February 2020 David Lipton  United States Economist, Senior U.S. Treasury Official
10 20 March 2020 – Present Geoffrey W. S. Okamoto  United States Senior U.S. Treasury Official, Bank Consultant

Chief Economistedit

The chief economist leads the research division of the IMF.

List of Chief Economistsedit

Term Dates Name Country of origin
1 1946 – 1958 Edward M. Bernstein  United States
2 1958 – 1980 Jacques (J.J.) Polak  Netherlands
3 1980 – 1987 William C. Hood  Canada
4 1987 – 1991 Jacob Frenkel  Israel
5 August 1991 – 29 June 2001 Michael Mussa  United States
6 August 2001 – September 2003 Kenneth Rogoff  United States
7 September 2003 – January 2007 Raghuram Rajan  India
8 March 2007 – 31 August 2008 Simon Johnson  United States /  United Kingdom
9 1 September 2008 – 8 September 2015 Olivier Blanchard  France
10 8 September 2015 – 31 December 2018 Maurice Obstfeld  United States
11 1 January 2019 – Gita Gopinath  United States

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