February 7, 2020

It’s the end of an era for the International Monetary Funds First Deputy Managing Director, David Lipton.

The Fund’s Managing Director Kristalina Georgieva said Friday that Lipton , who helped modernize the international financial architecture, is leaving the Fund at the end of month, part of management changes she is making to the leadership team. 

Mr. Lipton, who has held his current post for nine year, and is the IMF’s longest-serving FDMD, began his career as a young economist at the IMF, working on economic stabilization issues in emerging market and poor countries. He later moved on to work in the private sector, teaming up with acclaimed Professor Jeffrey Sachs as economic advisers to governments in Russia, Poland and Slovenia from 1989 to 1992, during the countries’ transitions to capitalism.

During his nine year as FDMD, Lipton led several major monetary policy programs, among them the Fund’s Early Warning Exercise that highlights present and future challenges faced by policymakers. His work covers an extensive portfolio which includes strategy, policy development, multilateral and country surveillance, as well as lending programs.

Ms. Georgieva said Lipton “has provided an invaluable service to the Fund’s membership and the global economy more broadly with his outstanding economic experience and expertise,” which has further enhance the rigor of the Fund’s analytical work. She lauded Mr. Lipton for his “intellectual leadership and innovative insights” and said that he commands “wide respect across the IMF’s 189 member countries” as well as among IMF staff.

Lipton, a U.S. national, previously worked as Under Secretary of the Treasury for International Affairs—and before that as Assistant Secretary—he helped lead the Treasury’s response to the financial crisis in Asia and the effort.

He also served in the Obama administration as Special Assistant to President Barack Obama, and served as Senior Director for International Economic Affairs at the National Economic Council and National Security Council at the White House.

The IMF said the search for Lipton’s successor will begin shortly.