International Monetary Fund Managing Director Dominique Strauss-Kahn is tapping a U.K. Department for International Development official as his deputy.
Strauss-Kahn has proposed the appointment of Nemat Shafik as the fund’s deputy managing director, replacing Murilo Portugal, who is leaving IMF to pursue the presidency at the Brazilian Banking Federation.
>> Murilo Portugal Steps Down as IMF Deputy Managing Director
Shafik has been with DfID for seven years, serving as its permanent secretary in the last three.
A national of Egypt, the U.K. and U.S., Shafik was the youngest-ever vice president of the World Bank, where she managed the private sector and infrastructure portfolio of investments, and was part of the International Finance Corp.’s senior management team.
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