Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

SOUTH AFRICA'S RAMAPHOSA HAILS 'NEW DAWN' IN STATE OF THE NATION ADDRESS

Read more

MEDIAWATCH

A controversial Chinese New Year

Read more

THE WORLD THIS WEEK

New Beginning? Ramaphosa Replaces Zuma in South Africa

Read more

FRANCE IN FOCUS

On the green slopes: An eco-friendly revolution in French ski resorts?

Read more

YOU ARE HERE

The Élysée palace, France's presidential powerhouse

Read more

DOWN TO EARTH

Is the aviation industry free-riding on climate change efforts?

Read more

FOCUS

The revival of the Ethiopia-Djibouti railway line

Read more

REPORTERS

Video: Girls in Malawi victims of 'sexual cleansing' ritual

Read more

REVISITED

Video: How the 2014 Winter Olympics transformed Sochi

Read more

Europe

Chief of IMF's key Europe department stands down

Text by News Wires

Latest update : 2011-11-16

The head of the International Monetary Fund’s European unit, Antonio Borges (pictured), submitted his resignation Wednesday. His department oversees financial assistance to bailed-out eurozone members Greece, Ireland and Portugal.

AFP – The International Monetary Fund's crucial head of its European Department, which oversees its giant bailouts of Greece, Portugal and Ireland, has resigned, the Fund announced Wednesday.

Antonio Borges, who led the unit only since November 2010, submitted his resignation "for personal reasons" and "will relinquish his responsibilities immediately," the IMF said in a statement.

British-Iranian Reza Moghadam, currently IMF director of the Strategy, Policy, and Review Department, will replace Borges in the crucial job overseeing the Fund's largest emergency lending programs, effective November 17.

"Antonio Borges has led the European Department during an extremely difficult period for the region's eurozone members. His vast public and private sector, and academic experience, combined with his ability to build strong relationships with member country authorities, have been of great value in responding to the crisis," IMF managing director Christine Lagarde said in a statement.

"I look forward to Reza Moghadam applying to our work in Europe the same strategic vision, drive, and thoughtfulness that he has demonstrated in his previous position."

Moghadam will be replaced, also effective November 17, by Siddharth Tiwari, currently IMF secretary.

 

Date created : 2011-11-16

  • PORTUGAL

    EU and IMF endorse Portugal’s next aid payment

    Read more

  • GLOBAL ECONOMY

    IMF’s Lagarde warns of decade lost to financial crisis

    Read more

  • ECONOMY

    IMF urges EU to 'get its act together' on debt

    Read more

COMMENT(S)