IMF congratulates Ilan Goldfajn on election as IDB President

The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, congratulated economist Ilan Goldfajn on his election as president of the Inter-American Development Bank (IDB).

In a note, she highlighted the importance of Brazilians in leading the organization’s programs to support Latin American countries.

Before being nominated as Brazil’s candidate to run for the presidency of the IDB, Ilan was director of the IMF for the Western Hemisphere, but took a leave of absence from the post to run for election.

After being elected yesterday as the bank’s new president, the Brazilian resigned today from his position at the Fund. According to Georgieva, the search for his successor will begin “immediately”.

“We are proud of Ilan and, while sad to part, we are excited to see him head up the most important development institution for the region he calls home. We wish him every success in his new role,” the IMF Managing Director said in a press release.

Georgieva also highlighted the “fundamental” performance of Ilan’s leadership, which helped Latin American countries to implement programs supported by the IMF to face “unprecedented impacts of compound challenges”.

“llan was also instrumental in shaping our policy dialogue on climate change in the region, which resulted in the first Resilience and Sustainability Mechanism – a foundation on which I hope we will continue to build,” said Georgieva.

“We look forward to working with Ilan in his new role at the IDB in promoting sustainable, inclusive and resilient growth in Latin America and the Caribbean,” he concluded.

The Brazilian Ilan Goldfajn will assume the presidency of the IDB, based in Washington DC, as of December 19, for a period of five years. It is the first time that a Brazilian has held the post.