By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The International Monetary Fund (IMF) Friday said

Carlo Cottarelli, its Director of the Fiscal Affairs Department has given a notice to resign for a position with the Italian Government.

According to the IMF, Cottarelli’s resignation will be with effect on October 22 2013 following his nomination to Commissioner for Public Spending Reform in Italy.

Christine Lagarde, the Managing Director (MD) of the IMF said Cottarelli’s colleagues and many friends across the Fund will be very sad to see him leave, but his nomination to a seniour government post in Italy is testimony to the superb qualities that have distinguished his tenure as head of the Fiscal Affairs Department over almost five years.

“Carlo has been responsible for the development of the Fiscal Monitor, the IMF’s highly-regarded fiscal flagship.  Under his guidance, the department has also played a central role in the Fund’s very important technical assistance to member countries, currently providing approximately half of the Fund’s technical assistance worldwide,” Lagarde said.

According to the IMF Chief, Cottarelli came to the Fund in 1988 after working at the Bank of Italy and at the energy company Eni S.p.A.. “At the Fund, he has worked in several departments and across a wide range of advanced, emerging market, and low-income countries,” she said.

He was Deputy Director of the European and Strategy Policy and Review Departments and of the Fiscal Affairs Department before taking the helm there.

Cottarelli has relinquished his responsibilities as Department Director and Mr. Sanjeev Gupta has been named Acting Director for an interim period. A search for a successor to Mr. Cottarelli will begin shortly.