News Brief No. 01/25

News Brief: Mussa To Step Down as IMF Economic Counsellor

March 7, 2001

Michael Mussa is to step down as the IMF's Economic Counsellor and Director of the Research Department at the end of his current term in the position, Managing Director Horst Köhler announced today.

Mr. Mussa will relinquish his post on June 29. But, at the request of Mr. Köhler, he will remain on staff until the end of September as Special Advisor to the Managing Director.

Mr. Köhler said: "Michael Mussa has made an enormous contribution to the Fund and its work over the last decade, giving great service to our membership. He has provided wise counsel to the Executive Board, Management, and staff, leading the Research Department during one of the most eventful periods in the Fund's history. I know he will be greatly missed by his many friends and colleagues here.

"During his tenure, Mike has significantly increased the contribution that the Research Department makes to the operational work of the Fund and has upgraded the World Economic Outlook, the International Capital Markets Report and the regular briefings to the Board on world economic and market developments."

Mr. Mussa said: "It has been an honor and a pleasure to work for the past decade as a member of the staff of the International Monetary Fund. Despite recent criticism of the institution, the Fund is undoubtedly a highly efficient international organization that effectively serves the needs and interests of its 183 member countries. I cherish the opportunity to have contributed to that service, and I wish my colleagues on the Fund staff, in Management, and on the Executive Board well in their continuing endeavors."

Mr. Mussa took up his post in August 1991, following a distinguished career in academia and public service. He was a William H. Abbott Professor of International Business at the University of Chicago, a member of the U.S. Council of Economic Advisers under President Reagan, and a Research Associate at the National Bureau of Economic Research.

Mr. Köhler announced that the Fund would be undertaking an intensive search over the coming months to identify suitable candidates to succeed Mr. Mussa. This will include outside advertising of the post.