Press Release No. 11/12

Press Release: Deputy Managing Director Murilo Portugal to Leave the IMF

January 19, 2011

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement today:

“Murilo Portugal has informed me of his intention to relinquish his position as Deputy Managing Director of the IMF with immediate effect given the on-going selection process for the new president of the Brazilian Banking Federation (Febraban).

“Since his appointment in December 2006, Murilo has made a powerful and lasting contribution to the work of the IMF, through his economic skills, vast experience in various positions in the Brazilian government, and strong leadership.

“As Deputy Managing Director, he has led the Fund’s important work in technical assistance, training, statistics and data management, personnel policies, the Fund’s budget and had responsibility in the Fund’s management team for a portfolio of 81 country members.

“Between 1998-2005 he was Executive Director representing Brazil, Colombia, Dominican Republic, Ecuador, Guyana, Haiti, Panama, Suriname, and Trinidad and Tobago in the IMF’s Executive Board.

“He has accepted my request to stay as Special Advisor to the Managing Director until early March. The Fund will shortly start the process to select a new Deputy Managing Director and a successor will be announced in due course.

“Finally, I would like to thank Murilo for all his work in the Fund, the support and advice he has provided to me and other members of management team and wish him the best for his future professional endeavors.”

Selection process

The Managing Director selects and appoints the Deputy Managing Directors of the Fund. As these appointments require approval by the Executive Board, the Managing Director consults with the Board on the type of qualifications that, in its view, a Deputy Managing Director should possess.