European chief of IMF resigns

Washington, Nov 17: Amidst deepening European economic crisis, the head of the International Monetary Fund (IMF) in Europe has resigned citing personal reasons, the Washington-headquartered world body said.

“Antonio Borges, Director of the International Monetary Fund"s European Department, has notified IMF Managing Director, Christine Lagarde, of his intention to leave the fund for personal reasons," the IMF said in a statement yesterday.

Borges, who took up his current IMF post in November 2010, will relinquish his responsibilities immediately.

British-Iranian Reza Moghadam, currently Director of the Strategy, Policy, and Review Department, has been appointed as Borges' successor.

Moghadam is being succeeded by Siddharth Tiwari, who is currently the IMF Secretary. The two would take up their new duties today.

In a statement, Lagarde said 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," she said.

Borges, a Portuguese national, joined IMF in November 2010. He was then the Chairman of the Hedge Fund Standards Board in London.

Borges, who holds a PhD in Economics from Stanford University, was Vice-Chairman and Managing Director of Goldman Sachs International in London from 2000-08.

PTI