By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The International Monetary Fund (IMF) Tuesday announced that Nemat Shafik, its deputy managing director (DMD) will leave to join the Bank of England (BoE).
Shafik leaves the Fund to assume the position of deputy governor at the Bank of England responsible for markets and banking starting on August 1, 2014.
“I know I speak for all colleagues at the Fund when I say that Minouche will be missed,” Ms. Lagarde said. “The fact that she is leaving us to take up such an important post is testimony to her broad command of policy issues, her superb leadership and communications skills, and her global reputation.” Christine Lagarde, the IMF’s managing director (MD) said in a statement.
According to the IMF, Shafik oversaw much of the Fund’s country work in Europe, including the programs with Greece and Portugal, as well as Arab countries in transition. She also led the efforts to integrate the Fund’s work on capacity building and technical assistance.
“I have highly valued Minouche’s contribution as part of the seniour team and I have greatly appreciated her advice, candor, and loyalty. She is a dear colleague and, I am proud to say, a dear friend as well,” Lagarde said.
The IMF chief said Shafik who is resigning as DMD with immediate effect will stay on until mid-June as special advisor to the IMF’s MD.
She joined the Fund as DMD in April 2011 after resigning her position as permanent secretary of the UK Department for international development. She holds M.Sc. in Economics from the London School of Economics and a D.Phil. in Economics from Oxford University, and has also served as the youngest ever vice president at the World Bank.
It’s expected that a search for Shafik’s successor begins immediately.
