IMF bolsters financial sector work

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Responding to changes in the world economy and the need to strengthen further the IMF's financial and capital market work, IMF Managing Director Rodrigo de Rato announced the merger of two Fund departments into a new one that will serve as "a center of excellence for the IMF's financial, capital market, and monetary work."

A newly created steering committee will also ensure close involvement of IMF management in the organization's financial sector work.

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IMF moves to strengthen its financial sector work

IMF Managing Director Rodrigo de Rato on February 1 announced proposals to create a new department "to be a center of excellence for all aspects of financial, capital market, and monetary work in the IMF." The new department, which will begin work in mid-2006, will merge the functions and staff of the existing International Capital Markets Department and Monetary and Financial Systems Department.

De Rato also announced the establishment of the Financial Sector Steering Committee, which he will chair, to guide the merger and coordinate the IMF's financial sector work.

Throughout its 60-year history, the IMF has adapted to changing international economic circumstances to meet the needs of its members, de Rato said, and "nowhere is this challenge more important for the future effectiveness of the Fund than in the rapidly evolving financial and capital market arena." These changes in the IMF's structure "will put financial issues at the center of the Fund's work and ensure that our financial expertise better serves our 184 country...