International Monetary Fund Chief Economist Gita Gopinath is set to take over from Geoffrey Okamoto as the institution’s No. 2 official, the institution said Thursday.
The move comes as a surprise because Gopinath, the first woman to serve as the IMF’s chief economist, had said in October she planned to rejoin Harvard University in January to retain her tenured facility post after three years of public service.
The IMF said in a statement that “some realignment in the roles and responsibilities of the fund’s senior management team is being undertaken.”
By tradition, the first deputy managing director is nominated by the U.S. and appointed by the IMF managing director. The Treasury endorses this choice and is pleased the job responsibilities of this role are being restored, according to a person familiar with the department’s position who asked not to be identified.
The first deputy managing director “will take the lead on surveillance and related policies, oversee research and flagship publications and help foster the highest-quality standards for fund publications,” the IMF said.
In making the announcement Kristalina Georgieva, the IMF’s Managing Director said, “Both Geoffrey and Gita are tremendous colleagues—I am sad to see Geoffrey go but, at the same time, I am delighted that Gita has decided to stay and accept the new responsibility of being our FDMD.”
Ms. Georgieva added: “Especially given that the pandemic has led to an increase in the scale and scope of the macroeconomic challenges facing our member countries, I believe that Gita—universally recognized as one of the world’s leading macroeconomists—has precisely the expertise that we need for the FDMD role at this point. Indeed, her particular skill set—combined with her years of experience at the Fund as Chief Economist—make her uniquely well qualified. She is the right person at the right time.”
Gopinath led the IMF’s research department through the pandemic era and a 2020 recession that was the worst peacetime decline since the Great Depression. She joined the Washington-based lender at the start of 2019, succeeding Maury Obstfeld, after having taught in Harvard’s economics department since 2005. She holds a doctorate in economics from Princeton University, where Ben Bernanke was among her advisers before he became Federal Reserve chairman. Another adviser was Ken Rogoff, one of Gopinath’s predecessors as IMF chief economist.
