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IMF Managing Director Horst Kohler announces changes in organization of IMF area departments.

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M2 PRESSWIRE-31 July 2003-IMF: IMF Managing Director Horst Kohler announces changes in organization of IMF area departments(C)1994-2003 M2 COMMUNICATIONS LTD

RDATE:07302003

Horst Kohler, Managing Director of the International Monetary Fund (IMF), has announced a consolidation in the number of the Fund's area departments.

The organizational changes, which are intended to be implemented by November 1, 2003, follow an internal review of how best to structure and manage the Fund's area departments, in particular, in light of the changing nature of the work of the European II Department (EU2). This department was created in 1992 with the task of assisting the Baltics, Russia and other countries of the former Soviet Union with the process of economic transition and integration into the global economy.

Given the progress of the transition process and the prospect of European Union accession for a number of transition economies, EU2 will be dissolved, reducing the number of area departments from six to five.

Seven countries in EU2 will move to the European I Department, which will be renamed as the...

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