IMF's Rato proposes new first deputy MD

Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), on Thursday 18 May proposed the appointment of John Lipsky to the position of First Deputy Managing Director.

Mr. Lipsky, a U.S. national, is currently the Vice Chairman of the JPMorgan Investment Bank. He will succeed Anne O. Krueger, who last month announced her intention to leave the Fund at end of her term on August 31, 2006.

In announcing the proposed appointment, Mr. de Rato said, "John Lipsky will bring to this