Mr. Antonio Borges, Director of the International Monetary Fund's European Department, has notified IMF Managing Director Christine Lagarde of his intention to leave the Fund for personal reasons. Mr. Borges, who took up his current IMF post in November 2010 (see Press Release No.10/400), will relinquish his responsibilities immediately. The Managing Director has informed the Executive Board of her intention to appoint as Mr. Borges’s successor Reza Moghadam, currently Director of the Strategy, Policy, and Review Department, and as Mr. Moghadam’s successor Siddharth Tiwari, currently Secretary of the Fund. Mr. Moghadam and Mr. Tiwari will take up their new duties effective November 17.

The Managing Director made the following statement to the IMF Executive Board:

“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.

“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. Siddharth Tiwari’s remarkable record of performance all across the IMF and his leadership qualities make him exceptionally well qualified to head the Strategy, Policy, and Review Department in these difficult times.”