Zhu Min Appointed as New IMF Deputy Managing Director
The International Monetary Fund or IMF, recognizing China’s position in the global economy, named Chinese economist Zhu Min as its new deputy managing director. The IMF also gave white House aide David Lipton the number 2 position, Lipton replaced outgoing first deputy managing director John Lipsky.
The two men are the first appointments made by the new IMF managing director Christine Lagarde, who promised greater roles to the world’s emerging economies that are underrepresented in the IMF board and management. The new deputy managing director position was created to be filled by a representative of a emerging economy and everyone expected that someone from China will fill the position.
Zhu was then a special adviser for the IMF managing director and seemed perfect to fill the job. Lagarde believes that being a former Chinese central banker, Zhu can bring in knowledge of experiences in government. International policy making, managerial and communication skills plus institutional understanding of the monetary fund.
Lipton on the other hand, was US President Barack Obama’s chief adviser on the international economic affairs and a former IMF staffer. The positions of both men need to be approved by the IMF board of Directors for formality.