By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Naoyuki Shinohara, deputy managing director (DMD) at the International Monetary Fund (IMF) said on Wednesday he will leave the Fund February 28, an e-mailed statement from the IMF said.

According to the IMF, Shinohara joined the Fund in March 2010, at the height of the global financial crisis. “His particular contributions included helping the Fund to replenish its financial resources by more than $500 billion through the expansion of the New Arrangements to Borrow (NAB) and the adoption of bilateral borrowing agreements—measures that helped reassure financial markets that the Fund had sufficient resources to assist its member countries through the crisis,” the IMF said.

The IMF says he also oversaw wide-ranging reforms of the Fund’s lending facilities that broadened the coverage of emergency assistance, enhanced liquidity provision, and ensured that the IMF’s Poverty Reduction and Growth Trust would be financially self-sustaining.

The Fund affirmed that Shinohara worked to advance its quota and governance reform.

Christine Lagarde, IMF’s managing director said “With his trademark efficiency and sharp insights, Naoyuki has helped the Fund to respond to the crisis and, overall, strengthen our relationship with our global membership. He will be greatly missed by all of us and I wish to thank him for his unwavering commitment to the Fund, its staff, and its member countries.”

She further affirmed that Shinohara helped the Fund strengthen ties with member countries especially in Asia, Africa, and the Middle East. “He also played a key role in maintaining and further strengthening the Fund’s productive relationship with Japan,” Lagarde added.

The IMF’s MD disclosed that at the regional level, he advanced the Fund’s agenda through his active engagement with the Association of Southeast Asian Nations, the South East Asian Central Banks Initiative, and the Asia-Pacific Economic Cooperation forum. “The results of his efforts have included much improved relations with many of the Fund’s smaller member countries,” Lagarde noted.

The Fund said it will begin the search for Shinohara’s successor immediately who has despite numerous responsibilities overseen the It’s information technology and economic data management, administrative services, buildings, space utilisation, and staff safety.