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WB/IMF roles

News

IMF announces new staff after three go

18 June 2001

After IMF Economic Counsellor Michael Mussa’s resignation in March, two other senior IMF staff announced their plans to leave.

Deputy Director, Stanley Fischer resigned in early May. He ran the IMF in the interim before Managing Director Horst Köhler’s appointment and was the architect of the recent bail-out programmes for crisis-stricken countries. Jack Boorman, Head of the Policy Development and Review department, is also leaving.

Anne Krueger, former World Bank Chief Economist in the 1980s, has been appointed to replace Fisher. Instrumental in promoting free trade and economic liberalisation during the evolution of the free-market “Washington consensus” and one of Bush’s close allies, Financial Times called her “a controversial choice for many developing countries” (7/6/01). However, unlike US Treasury Secretary Paul O’Neill who has criticised the IMF, Krueger defended the IMF‘s role in resolving recent financial crises.

Köhler’s favourite for the job, Tim Geithner, was rejected by Bush because of his closeness to the Clinton administration (FT). Instead, Geithner will replace Boorman.