IMF Europe head quits for “personal reasons”

The head of the European department at the International Monetary Fund, Antonio Borges, has resigned with immediate effect, for “personal reasons”.

Economist Borges, 63 joined the IMF in November 2010, appointed by former IMF chief Dominique Strauss-Kahn. His departure comes as a crucial juncture as the IMF becomes increasingly involved in European country bail-outs, business which is overseen by the European department.

Borges was previously the highly influential and outspoken head of the Hedge Fund Standards Board in London, and from 2000-2008, he was managing director of Goldman Sachs International in London. At the IMF, he had a mixed record, forced in October to retract a statement made after a Brussels meeting, in which he implied the Fund might intervene in secondary bond markets to support indebted eurozone member states.

IMF managing director Christine Lagarde said in a statement: “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.”

Borges will be replaced by British-Iranian Reza Moghadam, who has spent 20 years with the IMF, most recently directing its Strategy, Policy, and Review Department. Moghadam’s post will be filled by Siddharth Tiwari, currently IMF secretary.


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