IMF's Lipsky to step down at end of August

May 13, 2011 | 09:11

(0) user say

The International Monetary Fund said its number-two official, John Lipsky, will leave at the end of his term in August but will advise the fund through the next Group of 20 summit in November.

Lipsky, the first deputy managing director of the multilateral institution, "announced today that he will not seek a new term when his current term expires on August 31," the IMF said in a statement.

At the request of the IMF managing director Dominique Strauss-Kahn, Lipsky has agreed to remain as a special adviser through the G20 summit "to ensure continuity," it said.

France, this year's head of the G20 major developed and developing countries, has scheduled a November 3-4 leaders summit in Cannes.

Strauss-Kahn, under mounting speculation he will leave the IMF to become a Socialist candidate in the 2012 French presidential election against presumed contender President Nicolas Sarkozy, lavished praise on his deputy.

"From my first days at the fund, John has been a sincere friend to me, as well as an exemplary colleague, a tireless thinker, an instigator of debate, an influential proponent of multilateralism and deeper financial surveillance, and an outstanding communicator to a broad range of external constituencies," Strauss-Kahn said.

Strauss-Kahn has sidestepped questions about a potential presidential bid. He would need to declare his candidacy before July 13 to be able to participate in primary elections organized by his Socialist Party.

Lipsky, a 64-year-old American, was appointed to a five-year term on September 1, 2006, serving under Strauss-Kahn's predecessor, Rodrigo Rato.

Lipsky has a doctorate in economics from Stanford University and has also worked in the private sector, notably as chief economist for three large banks: JPMorgan, Chase Manhattan, and Salomon Brothers.

AFP

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional