|Press Release No. 04/91
May 4, 2004
|International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA
IMF Executive Board Selects Rodrigo
Rato as IMF Managing Director
The Executive Board of the International Monetary Fund (IMF) today
selected Rodrigo Rato to serve as Managing Director and Chairman of the
Executive Board for a five-year term. Mr. Rato will succeed Horst Köhler,
who resigned on March 4, 2004. The 24-member Executive Board selected Mr.
Rato in a two-stage process. In the first stage, an informal confidential
straw poll produced a majority in favor of Mr. Rato's appointment. Directors
then proceeded to formally select Mr. Rato by consensus.
Mr. Rato, a national of Spain, was Minister of Economy and Vice President
for Economic Affairs for the Government of Spain between 2000 and 2004.
Before that, he was Spain's Minister of Economy and Finance from 1996 to
In his capacity as Minister of Economy, Mr. Rato was Governor for Spain
on the Boards of Governors of the IMF, World Bank, Inter-American
Development Bank, European Investment Bank, and the European Bank for
Reconstruction and Development. He regularly attended the European Union's
Economics and Finance Ministers meetings, and represented the EU at the
Group of Seven Finance Ministers meeting in Ottawa, Canada, in 2002, when
Spain held the EU Presidency. He was also in charge of foreign trade
relations for the Government of Spain, and represented Spain at the World
Trade Organization's ministerial meetings in Doha, Qatar, in 2001, and
Cancún, Mexico, in 2003.
Mr. Rato has been a member of the Executive Committee of Spain's Partido
Popular since 1979, co-founding the party's Economic Commission, designing
its economic program, and acting as the party's economic spokesman from 1984
to 1986. He has been a member of Spain's parliament from 1982.
Mr. Rato earned a law degree in 1971 from the Universidad Complutense in
Madrid, and a Master's of Business Administration from the University of
California at Berkeley in 1974. In 2003, he earned a PhD in Economics from
the Universidad Complutense.
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