Bulletin

New Senior Appointments at IMF

In an important series of appointments at senior levels in the IMF, Anne O. Krueger has been selected to serve as First Deputy Managing Director and three new department heads have been named.

Krueger, a U.S. national, is a distinguished international economist who served as a professor at Stanford University and a former vice-president and chief economist of the World Bank. She succeeds Stanley Fischer, who in May announced his decision to leave the IMF. The first woman to hold such a senior position at the IMF, Krueger is a past president of the American Economic Association, a member of the National Academy of Sciences, and a Research Associate of the National Bureau of Economic Research. She received her Ph.D. from the University of Wisconsin and has published extensively on issues related to financial institutions, economic development, international trade, and the role of multilateral institutions in the world economy.

As First Deputy Managing Director, Krueger will be a leading member of the IMF's senior management team, headed by Managing Director Horst Köhler and including Deputy Managing Directors Eduardo Aninat and Shigemitsu Sugisaki. Her wide-ranging responsibilities include chairing Executive Board meetings in the absence of the Managing Director and supervising country-specific and operational functions.

In appointments at the level of department director, Köhler named Gerd Häusler, a German national and former board member of Dresdner Bank, as Counsellor and Director of the IMF's newly created International Capital Markets Department; Kenneth S. Rogoff, a U.S. national who had been a professor of economics at Harvard University, as Economic Counsellor and Director of the Research Department; and Timothy Geithner, former undersecretary for international affairs at the U.S. Treasury, as Director of the Policy Development and Review Department.

The International Capital Markets Department was created in early 2001 to consolidate and develop further the capital markets functions hitherto carried out by three separate IMF departments. Kohler explained that the consolidation of the work on capital markets issues is expected to deepen the IMF's understanding of financial market operations, support its surveillance and lending operations, and enhance the IMF's ability to address systemic issues arising from developments in international capital markets.

Köhler Endorses New Initiative for African Economic Development

In an address to the United Nations Economic and Social Council in Geneva on July 16, 2001, IMF Managing Director Horst Köhler expressed strong support for a coordinated international effort to tackle the pressing problems of poverty in Africa. Edited excerpts from his address follow. The full text is available on the IMF website (http://www.imf.org).

Growth is slowing throughout the world. This may be uncomfortable for the advanced economies, but will be a real source of hardship for many emerging markets and developing countries, and a real setback in the fight against world poverty. Moreover, talk about economic stability and poverty reduction should ring hollow in the absence of a strategy to fight the HIV/AIDS pandemic, reflecting last month's UN Special Session.

These developments underscore the need for an integrated concept for answering critical questions about globalization-one that responds to the fact that all humanity...