Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), announced today her proposal to reappoint Mr. David Lipton as First Deputy Managing Director to a five year term beginning September 1, 2016.

In announcing her decision, Ms. Lagarde said: “I am delighted to propose having David Lipton continue as the First Deputy Managing Director. Combining international expertise, public sector policy making and private sector experience, and a proven track record in economic crisis management, David has demonstrated over the last five years his excellent policy-making acumen, a drive toward innovation, a highly developed set of communication and negotiating skills, and invaluable appreciation of IMF policies and procedures.

David is the consummate team player and, together with Deputy Managing Directors Mitsuhiro Furusawa, Carla Grasso and Min Zhu, we look forward to continuing to benefit from his incisive intellect, his wise counsel, and his warm collegiality.”

Mr. Lipton, a national of the U.S, assumed his duties as First Deputy Managing Director on September 1, 2011 having first served as a Special Advisor to the Managing Director of the International Monetary Fund starting July 26, 2011.

Under the leadership of the Managing Director, the First Deputy Managing Director exercises comprehensive oversight over the whole range of issues facing the institution. He is directly responsible for the IMF’s surveillance, as well as all issues that are not in the purview of the Deputy Managing Directors. He is also responsible for relations with a wide range of individual countries.