Press Release No. 08/252

Press Release: Statement of IMF Executive Board Concerning Managing Director Dominique Strauss-Kahn

October 20, 2008

Mr. A. Shakour Shaalan, in his capacity as Dean of the International Monetary Fund's 24-member Executive Board, issued the following statement today:

"During the summer, an enquiry was commenced at my behest, in my capacity as Dean of the Board, into claims by a third party of possibly improper personal behavior involving the Managing Director of the IMF, Dominique Strauss-Kahn. In consultation with a standing working group of Executive Directors that oversees the performance of the Managing Director, outside counsel was retained in order to establish the facts and report back concerning the validity of these claims.

"The outside counsel is expected to complete the enquiry by the end of the month, and a further public statement will be issued at that time.

"The Managing Director, who has been fully supportive of the enquiry, met today with the Executive Directors to review the process underway. Both he and Directors agreed that it is in the best interests of the Fund and its 185-member countries for this enquiry to be thorough, independent and completed expeditiously."

The Executive Board appoints the Managing Director, and it is the responsibility of the Board to oversee governance of the institution. In turn, by tradition the person designated Dean of the Board is its longest-serving member. Mr. Shaalan has served on the Board since 1992.