Chief of IMF's key Europe department stands down

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.

By News Wires (text)

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.