IMF Executive Board Approves Geoffrey Okamoto’s Appointment as First Deputy Managing Director
The Executive Board of the International Monetary Fund (IMF) has approved the appointment of Geoffrey Okamoto as the First Deputy Managing Director of IMF.
Effective March 30, 2020, the current US Acting Assistant Treasury Secretary will officially assume the office of the First Deputy Managing Director of the IMF.
Geoffrey Okamoto will replace David Lipton who stepped down last month.
Former First Deputy Managing Director of IMF, David Lipton
The Executive Board of the IMF said it expedited Geoffrey’s appointment as member countries struggle with the economic impacts of the coronavirus.
Announcing the appointment on March 12, 2020, Managing Director of the IMF, Kristalina Georgieva, said she has no doubts about the capability of Okamoto.
Managing Director of IMF, Kristalina Georgieva
She added that Okamoto believes strongly in the Fund’s mission and is committed to helping it serve its members.
Expressing her pleasure about the appointment, Kristalina Georgieva mentioned that Geoffrey will play a key role in addressing the current COVID-19 crisis.
“Given the exceptional challenges that our member countries are facing with the COVID-19 pandemic, I am very pleased that the IMF’s Executive Board has agreed to advance Geoffrey’s appointment. I would like to extend a warm welcome to him as he joins the Fund team and I look forward to our working closely together. The IMF is putting all hands -on deck to help our membership address this crisis—and Geoffrey will play a key role in our efforts.”
Okamoto’s remarks about his appointment
“I’m thankful for the Executive Board’s confidence in my appointment. It’s at times like these when the Fund and its staff perform at their best in serving our member countries. I‘m looking forward to getting to work immediately and helping to lead the Fund in addressing the crisis at hand.”
Profile of Mr. Geoffrey Okamoto
Prior to his appointment as the first deputy managing director, Mr. Okamoto served as U.S. Acting Assistant Secretary of the Treasury for International Finance and Development, where he was charged with overseeing global financial markets; managing coordination with the G-7, G-20, and Financial Stability Board.
He also led the U.S trade negotiations with China which led to a Phase I agreement signed in January this year. He also negotiated successful replenishments to the Multilateral Development Bank concessional windows and the Global Environment Facility, as well as helping to establish the Women Entrepreneur’s Finance Initiative (We-Fi).
Before joining the U.S. Treasury Department, Okamoto worked in the U.S. Senate as the Majority Staff Director for the Senate Banking Subcommittee on Financial Institutions. He was also the Policy Director for the House Financial Services Subcommittee on Monetary Policy and Trade. Okamoto began his career as a consultant with KPMG, advising financial institutions on risk management and internal controls.
He holds a Master of Public Policy from Georgetown University with a concentration in banking, fiscal, and monetary affairs as well as a Bachelor of Science from California State Polytechnic University.