David Lipton was appointed as the interim Managing Director of the International Monetary Fund (IMF), replacing Christine Lagarde who was nominated as the President of the European Central Bank (ECB).
American Lipton was the First Deputy Managing Director of the IMF before he was promoted to become the Chief and had been serving as the deputy since 2011. He has had an illustrious career and has held many prestigious posts. He was Special Assistant to the President, and served as Senior Director for International Economic Affairs at the National Economic Council and National Security Council at the White House. He has also been associated with prestigious financial services firms such as Citi and Moore Capital.
In an official statement, the IMF said, “We have full confidence in FDMD David Lipton as Acting Managing Director of the IMF.”
IMF Executive Board statement: “We accept Ms. Lagarde’s decision to relinquish her IMF responsibilities temporarily during the (ECB Presidency) nomination period. We have full confidence in FDMD David Lipton as Acting Managing Director of the IMF.” https://t.co/dwEhnX1kMn
— IMF (@IMFNews) July 2, 2019
Christine Lagarde from France has, meanwhile, relinquished her responsibilities at the IMF during the nomination period of the ECB Presidency. The first woman to hold the post, she had been serving as the Chief of the IMF since 2011.
What is the International Monetary Fund?
According to its website, the IMF is “is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
It was created in 1945 and one of its primary responsibilities is to ensure that the stability of the international monetary system is maintained.