[stop-imf] Fischer to leave IMF

[Robert Weissman]

May 8, 2001

International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA


First Deputy Managing Director Stanley Fischer to Leave IMF Later in 2001

                      Stanley Fischer, First Deputy Managing Director of
the International Monetary Fund (IMF), will leave his position later in
                      2001. A successor to Mr. Fischer, who joined the IMF
on September 1, 1994, is expected to be named in due course by IMF
                      Managing Director Horst Kšhler.

                      Announcing his intention to leave, Mr. Fischer said,
"I have informed the Managing Director that I will be resigning as First
                      Deputy Managing Director and leaving the IMF later
this year, once a smooth transition to my successor has been arranged. I
                      will leave the Fund with the highest respect for
this institution and the deepest regard and affection for its dedicated
and
                      outstanding staff. But after nearly seven years, I
believe it is time for me to move on to other challenges. It has been a
privilege
                      to work in the Fund during these momentous years for
the international financial system. I am extremely grateful to the two
                      Managing Directors with whom I have served, Michel
Camdessus and Horst Kšhler, and to the authorities in member
                      countries with whom I have had the opportunity to
work so closely. And I would like to thank my Fund colleagues in
                      management, the Executive Board, and the staff for
their extraordinary support and friendship, which have made my time at
                      the Fund such an immensely rewarding experience."

                      Mr. Kšhler said, "Stan Fischer informed me two weeks
ago of his desire to step down as First Deputy Managing Director of
                      the International Monetary Fund later this year.
When I came to the IMF a year ago Stan committed to work with me at least
                      through my initial period as Managing Director. He
has been superb. In due course, there will be plenty of opportunity for
                      the Fund Ñand myself Ñto formally express
appreciation of Stan Fischer's service to this institution and its 183
members
                      over the past seven years. Right now, I would like
to confine myself to personal expression. Stan Fischer is an extraordinary
                      economist and public servant. I have benefited
enormously from his advice and support in my first year at the Fund. I
have
                      particularly benefited from his integrity and
humanity. I am sorry he will be leaving so soon and I wish he had remained
                      longer."

                      Mr. Fischer, 57, took up the newly created position
of First Deputy Managing Director in 1994 for an initial term of five
                      years. He was appointed to a second five-year term
in September 1999.

                      As First Deputy Managing Director, Mr. Fischer is
the second-highest ranking officer of the IMF after the Managing
                      Director and has broad responsibilities for running
the Fund, including chairing the Executive Board meetings.

                      Prior to taking up his position at the Fund, Mr.
Fischer was the Killian Professor and the Head of the Department of
                      Economics at Massachusetts Institute of Technology
(MIT). From January 1988 to August 1990 he served as Vice President,
                      Development Economics and Chief Economist at the
World Bank.

                      A U.S. national, Mr. Fischer was born in Zambia in
October 15, 1943. He took the B.Sc. (Econ) and M.Sc. (Econ) at the
                      London School of Economics from 1962-1966, and
obtained his Ph.D. in economics at MIT in 1969. He was Assistant
                      Professor of Economics at the University of Chicago
until 1973, when he returned to the MIT Department of Economics as
                      an Associate Professor. He became Professor of
Economics in 1977. He has held visiting positions at the Hebrew
University,
                      Jerusalem, and at the Hoover Institution at
Stanford.

                      Mr. Fischer is the author of Macroeconomics (with
Rudiger Dornbusch and Richard Startz), and of several other books. He
                      has published extensively in the professional
journals.