Press Release No. 11/55

Press Release: IMF Managing Director Dominique Strauss-Kahn Proposes Appointment of Nemat Shafik as Deputy Managing Director

February 23, 2011

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), has proposed the appointment of Ms. Nemat Shafik to the position of Deputy Managing Director.  She will succeed Mr. Murilo Portugal, who resigned effective March 4, 2011 (see Press Release No. 11/12).

Ms. Shafik, a national of Egypt, the U.K., and the U.S., was the youngest ever Vice President of the World Bank, where she was responsible for a private sector and infrastructure portfolio of investments, and was part of the senior management team of the International Finance Corp. She is currently Permanent Secretary of the U.K. Department for International Development (DFID), leading the department responsible for managing the U.K. overseas development strategy and budget. Prior to serving the World Bank and DFID, she worked in Cairo and as a consultant on African economies.

In announcing his selection of Ms. Shafik, Mr. Strauss-Kahn said: "I am delighted to propose Nemat Shafik as the next Deputy Managing Director to succeed Murilo Portugal.  A global citizen with a global reputation in fields ranging from emerging markets, international development, the Middle East and Africa, to the financial sector, Ms. Shafik brings to the Fund extensive experience in policy-making, management and academia."

After graduating from high school in Alexandria, Egypt, and attending the American University in Cairo, Ms. Shafik, 48, earned degrees from the University of Massachusetts—Amherst and the London School of Economics, and a PhD in Economics from Oxford University.  She is currently a member of the Middle East Advisory Group to the IMF. She has published widely, especially on the Middle East and North Africa, and has taught at the Wharton Business School and Georgetown University. She speaks Arabic, English and French.

The Managing Director selects and appoints the Deputy Managing Directors of the Fund. These appointments require approval by the Executive Board and, as is the practice for such appointments, the Board is consulted regarding the type of qualifications that, in the view of the Executive Board, a Deputy Managing Director should possess.