Press Release No. 08/122

Press Release: IMF Managing Director Dominique Strauss-Kahn Announces Department Director Appointments

May 27, 2008

Managing Director Dominique Strauss-Kahn of the International Monetary Fund (IMF) today announced his intention to appoint Mr. Olivier Blanchard as Economic Counsellor and Director of the Research Department, Ms. Antoinette Sayeh as Director of the African Department, Mr. Andrew Tweedie as Director of the Finance Department, and Mr. Reza Moghadam as Director of the Policy Development and Review Department (PDR).

"I am pleased to announce my intention to appoint four Department Directors. These consist of two external appointments to the Research and African Departments and two internal appointments to Finance and PDR," Mr. Strauss-Kahn said. "These appointments bring to the Fund a unique combination of world-class knowledge and experience, and will help us greatly in our ongoing efforts to refocus the Fund for the 21^st century."

Olivier Blanchard, Economic Counsellor and Director of the Research Department

Olivier Blanchard is currently Professor of Economics at the Massachusetts Institute of Technology and has held numerous policy and academic advisory positions worldwide. He is one of the most highly regarded and recognized academics in the field of international macroeconomics, with a wealth of publications.

"Olivier Blanchard's impressive and policy-oriented publications span almost every field of relevance to the Fund ranging from topical issues-such as global imbalances and current account adjustment, financial assets and bubbles, savings and investment behavior-to issues of day-to-day relevance to Fund economists such as labor market performance, fiscal and monetary policy decision-making processes, and the economics of transition economies," Mr. Strauss-Kahn said. "His expertise and experience will serve him well as the Economic Counselor and Director of the Research Department."

Professor Blanchard is expected to take up his new position on September 1.

Antoinette Sayeh, Director of the African Department

Antoinette Sayeh is currently Liberia's Finance Minister and over the past years, has led the government's efforts to rebuild and reform the country's economy. Prior to this position, Ms. Sayeh had a very successful career at the World Bank, where she led managerial and advisory-level positions ranging from Country Director for Benin, Niger and Togo, to Advisor to Mr. Sven Sandstrom, Managing Director of the World Bank.

"Antoinette Sayeh brings to the Fund impressive leadership and communications skills, as well as highly relevant policymaking experience," Mr. Strauss-Kahn said. "She has a formidable track record, working closely with President Ellen Johnson-Sirleaf, in leading the government's macroeconomic reform effort and rebuilding Liberia's shattered post-war economy."

Ms. Sayeh is expected to take up her new position on July 7.

Andrew Tweedie, Director of the Finance Department

Andrew Tweedie has been a member of the IMF Finance Department's senior management team for the last four years. He brings extensive knowledge and experience of issues and challenges faced by the department. He has previously worked in several other Fund departments, and served as an advisor to Deputy Managing Directors Shigemitsu Sugisaki and Takatoshi Kato.

"Andrew Tweedie has played a pivotal role in the Fund's quota and voice reform and in the development of a new income model. During this process, he has repeatedly illustrated strategic thinking, a capacity to innovate, and an ability work well with all stakeholders," Mr. Strauss-Kahn said.

Mr. Tweedie is expected to take up his new position by September 1.

Reza Moghadam, Director of the Policy Development and Review Department

Reza Moghadam is currently Head of the Managing Director's office. He has worked across a wide range of strategic, policy, country and administrative issues. He has contributed to the development of both the Medium-Term Strategy and the Strategic Directions papers. He has held senior positions in the Asia and Pacific as well as in the European Departments of the Fund.

"Reza Moghadam has a track record of outstanding performance in a number of highly demanding assignments across the Fund and an ability to work effectively with others. I believe Reza has the depth of experience, strategic vision, and drive to lead PDR, and to ensure that it plays a central role in refocusing and modernizing the Fund," Mr. Strauss-Kahn said.

Mr. Moghadam is expected to take up his new position by September 1.