IMF moves to replace first Deputy MD, David Lipton

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The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has announced that the institution’s first Deputy Managing Director, David Lipton would be stepping down by the end of February.

The IMF said the search for a successor for Lipton would begin shortly. There is no assurance that Georgieva would continue the tradition of selecting an American to hold the post as it was done in the past.

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Kristalina Georgieva

According to Georgieva, Lipton’s departure is as a result of the changes she is making to the leadership team.

What you should know: Lipton began his professional career as an economist at the IMF in 1981, working to help stabilize poor countries. He also served as the U.S. Treasury’s undersecretary for international affairs from 1993 to 1998 under President Bill Clinton and later worked in private sector finance.

He has held his position as first deputy MD since September 2011, longer than any other first deputy MD of the institution. Lipton’s departure comes 19 months before his official term expires in September 2021, Reuters reports.

Speaking on his departure, Lipton said, “I believe in the work of the Fund. It has been an honour to work here, first for eight years at the start of my professional career in 1981 and then as FDMD since 2011. The Fund is an institution providing invaluable service to its members and the global economy at large, and I am pleased to have served it for so long.”

The IMF boss also commented as she commended Lipton’s outstanding economic experience and expertise saying his policy maker’s perspective had improved the rigour of the IMF’s analytical work.

Meanwhile, Lipton is not the only one leaving as Georgieva also announced that the Chief Administrative Officer, Carla Grasso would be leaving as well.

Grasso joined the IMF in 2015. Her responsibilities include overseeing and coordinating the IMF’s budget, human resources, information technology, general services and internal audit functions.

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