WASHINGTON, USA – International Monetary Fund (IMF) managing director Kristalina Georgieva announced Monday, that deputy managing director Tao Zhang intends to conclude his service when his term expires on August 20, 2021. Zhang was appointed to a five-year term in August 2016.
“For the past five years, Tao has been a key member of the Fund management team. We have all valued Tao’s insightful and even-handed judgment on a variety of pressing issues, as well as his international financial expertise and diplomatic skills when interacting with the Executive Board, other governing bodies, and with country authorities.” Georgieva said. “With his strong intellectual and strategic leadership, Tao has enhanced the Fund’s support for our member countries, especially as they strive to weather the storm of COVID-19 and transition to more resilient, sustainable, and inclusive economies.”
Zhang, a Chinese national, has spearheaded the Fund’s engagement with a large group of member countries and its work across a wide range of policy issues, including climate change, fintech, gender, anti-money laundering and combating the financing of terrorism, and small states. He has also provided leadership to the Fund’s work on the Financial Sector Assessment Program (FSAP) and information technology and statistics, including iData which has been critical for modernizing the Fund’s economic data management.
In addition, he played a key role in helping to strengthen the Fund’s relationship with partner institutions, from the World Bank to the UN family, and many other international and regional organizations. For many years, Tao also oversaw the Fund’s work on low-income countries and fragile states, as well as on jobs and growth.
Before becoming deputy managing director, Zhang served as executive director for China during 2011-15. Before joining the Fund, he had extensive international economic expertise and policymaking experience, including as deputy governor of the People’s Bank of China (PBOC). Earlier in his career, Zhang spent many years at the PBOC in various senior roles as well as worked at both the World Bank and the Asian Development Bank.
The process is underway to identify a candidate to succeed Zhang as deputy managing director, and further announcements will follow in due course.
“I want to express my profound gratitude to Tao for his wise counsel, unwavering support and tremendous contribution to the Fund and our membership.” Georgieva said. “I will miss him very much as a trusted advisor and a friend and wish him the very best in his future endeavors.”