The world's lender of last resort has a new managing director. She is shaking things up
is familiar with unwelcome edicts. Its job as the world’s lender of last resort often involves demanding reform. But its staff may be discovering the unpleasantness of being on the receiving end. Kristalina Georgieva, the fund’s boss, is reorganising the institution.’s managing director in October 2019 on a wave of good publicity.
Mr Lipton’s reputation for diligence and technical expertise meant that the news of his early exit—his term had been due to end in August 2021—was not well received by staffers old and new. A rumour swirled that his departure was a ploy by President Donald Trump’s administration to choose his successor. By convention, America appoints the first deputy managing director.
That would allow her to nominate someone to help realise her vision for the fund, which includes doing more to help fragile states and tackling climate change. In her first speech as the fund’s chief, she called for governments to enact domestic reforms that achieve “stronger and more resilient growth”, and for those with remaining fiscal firepower to deploy it. She has promised to collaborate more with the World Bank, particularly regarding countries that have received the fund’s help.
There are also concerns that Mr Lipton might be replaced by someone less capable. The Trump administration has resisted the idea that Mr Lipton’s job be abolished altogether. It is floating the name of Geoffrey Okamoto, an acting assistant secretary of the Treasury, as a potential replacement. For Ms Georgieva’s strategy to work, she needs someone pliable in the role. But if they are too weak, the institution could eventually suffer.
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