WASHINGTON - The International Monetary Fund (IMF) announced Tuesday that its Managing Director Christine Lagarde has proposed the appointment of Zhu Min, currently Special Advisor to the Managing Director, to the position of IMF's Deputy Managing Director.
Lagarde also proposed the appointment of David Lipton, a White House aide, to the position of IMF's First Deputy Managing Director to succeed John Lipsky, whose term ends on August 31, 2011.
Zhu last year joined the IMF as a Special Advisor to the Managing Director from the People's Bank of China (PBOC), China's central bank.
Lagarde has proposed that Zhu assume his duties in the newly created Deputy Managing Director position on July 26, 2011, working with the other three Deputy Managing Directors in support of the Managing Director.
Zhu has "a wealth of experience in government, international policy making and financial markets, strong managerial and communication skills as well as an institutional understanding of the Fund, and I look forward to his counsel," Lagarde said in a statement.
"As Deputy Managing Director, he will play an important role in working with me and the rest of my management team in meeting the challenges facing our global membership in the period ahead, and in strengthening the Fund's understanding of Asia and emerging markets more generally," Lagarde added.
"I am looking forward to working closely with Min, David and my other team members,"said the newly-appointed IMF head at the helm.
As Deputy Governor of the PBOC, Zhu was responsible for international affairs, policy research and credit information. Prior to his service at China's central bank, he held various positions at the Bank of China where he served as Group Executive Vice president, responsible for finance and treasury, risk management, internal control, legal and compliance, and strategy and research, noted the statement.
Zhu also worked at the World Bank for six years, and taught economics at both Johns Hopkins University and Fudan University, said the IMF.
Lipton, a national of the United States, is currently serving as Special Assistant to the US President and Senior Director for International Economic Affairs at the US National Economic Council and US National Security Council at the White House.
Lipton will serve as a Special Advisor to the Managing Director, starting on July 26, 2011, before assuming his duties as First Deputy Managing Director on September 1, 2011.
"David brings to the Fund extensive experience in policy-making, excellent communication and negotiating skills, and a very good knowledge of IMF policies and procedures," Lagarde noted.
IMF's Managing Director selects and appoints the First Deputy Managing Director and Deputy Managing Directors of the Fund. These appointments require approval by the Executive Board of the IMF.