WASHINGTON: The International Monetary Fund said on Tuesday its third highest ranking official, Deputy Managing Director Min Zhu, will leave the Fund when his five-year term expires in late July.
Zhu, a former central banker at the People's Bank of China is one of four IMF deputy managing directors. He had focused on jobs and growth issues that have risen in prominence at the IMF as global growth has waned, along with fragile, small and low-income countries.
The IMF said a search for his successor was already underway and "further announcements will follow in due course."
The new deputy will be appointed by Managing Director Christine Lagarde with consensus from the Fund's board.
Zhu joined the Fund in 2010 as a special advisor to the managing director. An IMF spokeswoman said that he intends to retire from policymaking.
The Fund said that Zhu helped to strengthen the Fund's statistics and standards as well as its Financial Sector Assessment Program and efforts to combat money laundering and terrorism financing.
Lagarde in the statement praised Zhu's "formidable intellect and passion for economics," adding that he had provided "immense support to me and our management colleagues."
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