Press Release No. Press Release 04/128

Press Release: IMF Executive Board Expresses Appreciation of Montek Ahluwalia's Distinguished Record of Service

June 25, 2004

The Executive Board of the International Monetary Fund (IMF) adopted the following resolution on June 24, 2004:

"Whereas Mr. Montek Ahluwalia plans to relinquish his post as Director of the Independent Evaluation Office (IEO) of the International Monetary Fund effective June 30, 2004;

"Whereas in his capacity as the first Director of the IEO, Mr. Ahluwalia has successfully established independent evaluation as an essential element for the effective functioning of the Fund with respect to its surveillance, program, and technical assistance activities in support of its members;

"Whereas, through Mr. Ahluwalia's leadership, the IEO has conducted a series of independent and rigorous evaluations of the Fund's work that have added immeasurably to the process of reflection and learning within the Fund;

"Whereas Mr. Ahluwalia has worked tirelessly to strengthen and expand the IEO's outreach with civil society, thereby contributing significantly to improving the public's understanding of the Fund's operations and policies;

"Whereas Mr. Ahluwalia has demonstrated thorough commitment to the purposes of the IMF and to the principles and processes of the IEO in the best traditions of service to the international community;

"Whereas Mr. Ahluwalia's hard work, professionalism, and dedication have been invaluable to the Fund, and his admirable personal qualities have earned him the respect and friendship of the Executive Board, management, and staff;

"Now therefore, it is resolved: that the Executive Directors of the Fund declare their deepest appreciation for Mr. Ahluwalia's service to the Fund, and express their best wishes to him and his family in all their future endeavors."