IMF Deputy Managing Director Li Bo to step down, Liao Min proposed as successor

NEW YORK, Oct. 28 (Xinhua) -- International Monetary Fund (IMF) Deputy Managing Director Li Bo will step down on Nov. 30 at the end of his term, IMF Managing Director Kristalina Georgieva announced Wednesday.

Photo taken on Aug. 9, 2019 shows a view of the headquarters of the International Monetary Fund (IMF) in Washington D.C., the United States. (File photo: Xinhua)

Georgieva has proposed China's Vice Minister of Finance Liao Min as Li's successor, effective Dec. 1.

As deputy managing director, Li has overseen the IMF's work involving about 90 member countries and a wide range of policy issues. Since joining the IMF in August 2021, Li has helped guide the fund "through some of the most turbulent years for the global economy with steady judgment, intellectual rigor, and a quiet kindness that people across the institution have come to value deeply," Georgieva said.

Describing Liao as a highly respected policymaker, Georgieva highlighted his more than three decades of experience in banking, financial regulation and macroeconomic governance.

Liao has served as China's vice minister of finance since May 2018.