By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Christine Lagarde, managing director (MD) of the International Monetary Fund (IMF), on Friday announced her proposal to appoint Tao Zhang as deputy managing director (DMD) effective August 22, 2016.
“Mr. Zhang is currently deputy governor of the People’s Bank of China (PBOC). He will succeed Mr. Min Zhu, who steps down on July 25,” the IMF said in a statement.
“I am very pleased to propose Tao Zhang as the next Deputy Managing Director. Mr. Zhang brings a strong combination of international economic expertise, public sector policymaking, and diplomatic skills. He also has extensive experience with international financial institutions, excellent communication and negotiating skills, and a superb knowledge of IMF policies and procedures. Indeed, he is very well known and highly respected here at the Fund, having served as Executive Director for China from 2011 to 2015,” Lagarde said in announcing her selection of Zhang.
According to the global financial institution, prior to Zhang’s current position as deputy governor of the PBOC, he headed the Legal Affairs Department there. “Over the course of his career, he has held various positions at the PBOC, including as director general of the Department of Financial Survey and Statistics, and then director general of the International Department,” the IMF added.
Zhang has also worked at the World Bank (1995-1997) and at the Asian Development Bank (1997-2004). During this time, he gained significant experience in country operations, with a focus on the Asia-Pacific region and small-island economies.
He has an M.A. and Ph.D. in International Economics from the University of California, Santa Cruz, and B.S. Electrical Engineering and M.S. Finance degrees from Tsinghua University in Beijing.
On June 21, the IMF announced that Min Zhu intends to leave the Fund when his term expires in late July, 2016. Zhu was appointed to a five-year term in July 2011. Before that he served as special advisor to the MD of the IMF from 2010 to 2011.
“Min has performed a key role in the Fund’s management team, providing immense support to me and our management colleagues,” Lagarde said. “His down-to-earth style, wonderful sense of humor, and warm personality served to reinforce his formidable intellect and passion for economics, and enabled him to provide strong leadership across a large range of issues.”
The IMF said Zhu, also a Chinese national, spearheaded the Fund’s work on jobs and growth in the wake of the global financial crisis, when employment issues moved into focus due to the lackluster recovery. He oversaw the Fund’s activities concerning fragile states, small states and low-income countries, and supported the expansion of its outreach and publications in this area.
