IMF chief economist resigns

7 May 2008

Less than a week after 591 employees at the International Monetary Fund (IMF) opted to take a buyout package, the IMF’s chief economist announced his resignation.

Simon Johnson, the chief economist at the International Monetary Fund (IMF) announced his resignation yesterday. His resignation comes a little over a year after he joined the IMF, in March 2007. Johnson will step down from his post in September to return to his position as a professor at the Massachusetts Institute for Technology (MIT).

Johnson's resignation comes less than a week after 591 employees (20% of the IMF staff) applied for a separation program offered by the institution. The program is a way in which the IMF is trying to cut salary costs, and trim its projected $400 million deficit.

Other senior-level staff who have opted for the buyout package include: Mark Allen, director of the Policy Development and Review Department; Shailendra Anjaria, the IMF secretary; David Burton, director of the Asia and Pacific Department; Bert Keuppens, director of the Office of Internal Audit; Mohsin Khan, director of the Middle East and Central Asia Department; and Michael Kuhn, director of the Finance Department.

Sources

IMF chief economist resigns, Agence-France Presse, May 6, 2008 (AFP website)

Exodus at the IMF, Bank Information Center, May 1, 2008 (BIC website)