IMF's Gita Gopinath to leave fund and rejoin Harvard University
The IMF said Ms Gopinath will return to the Ivy League university, where she will be the inaugural Gregory and Ania Coffey Professor of Economics in the Department of Economics. She first joined Harvard in 2005 before being appointed to the IMF as its first female chief economist in 2019.
Ms Gopinath was promoted to first deputy managing director in 2022.
'She came to the Fund as a highly respected academic in macroeconomics and international finance,' IMF Managing Director Kristalina Georgieva said in a statement.
Ms Gopinath served as the fund's chief economist during the Covid-19 pandemic, which Ms Georgieva said was an 'unprecedented challenge to our membership'. Ms Gopinath also co-authored the fund's pandemic plan on how to end the Covid-19 crisis, which the fund touted as a key contribution in setting global vaccination targets at a doable cost.
As first deputy managing director, Ms Gopinath oversaw the fund's surveillance and analysis on fiscal and monetary policy, debt and international trade.
She most recently represented the IMF at the G-20 summit in KwaZulu-Natal, South Africa.
There, she warned that economic uncertainty remains high due to downside risks dominating the global outlook. The fund is due to release its updated global economic forecast later this month.
She also laid out multiple priorities for policymakers, including building resilience and boosting medium-term growth.
The fund said Ms Georgieva will name Ms Gopinath's replacement 'in due course'.
'I am truly grateful for my time at the IMF, first as Chief Economist and then as First Deputy Managing Director,' Ms Gopinath said in a statement.
'I now return to my roots in academia, where, I look forward to continuing to push the research frontier in international finance and macroeconomics to address global challenges, and to training the next generation of economists.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
7 hours ago
- Al Etihad
UAE growth to remain strong at over 4%, says IMF
24 July 2025 22:35 A. SREENIVASA REDDY (ABU DHABI)The UAE's economic growth is expected to remain healthy at over 4% in 2025, despite geopolitical tensions in the region, according to the International Monetary Fund (IMF). 'We're seeing robust growth in non-hydrocarbon activity, driven by tourism, construction, public spending, and financial services,' IMF spokesperson Julie Kozack told Aletihad during an online press briefing. She added that oil production in the UAE is increasing faster than anticipated, following the reversal of earlier output cuts. 'The UAE economy has shown resilience in the face of lower oil prices and increased price volatility this year,' Kozack to the broader region, she said GCC growth is estimated to have rebounded to 1.4% in 2024, despite reduced oil output. 'Our projection in the April World Economic Outlook was that GCC growth would rise further to 3.3% in 2025.'She added that non-hydrocarbon growth across the GCC is also expected to remain strong, supported by rapid investment, construction, and ongoing reforms aimed at diversifying regional economies. She affirmed that inflation in the GCC region remained under control. Kozack advised the GCC governments to maintain fiscal prudence while continuing with structural reforms to support long-term economic diversification.
The National
9 hours ago
- The National
Trump to tour Federal Reserve as war on Chair Powell escalates
US President Donald Trump was set to tour the site of the Federal Reserve's headquarters on Thursday, a significant escalation in his relentless pressure campaign on Fed Chair Jerome Powell to cut interest rates. The White House has framed the visit to tour the renovation of two Fed buildings, whose costs have swelled from an initial $1.9 billion to roughly $2.5 billion. Some believe the Trump administration is attacking the renovation costs as a pretext to fire Mr Powell. Presidential visits to the Federal Reserve are rare, with the commander-in-chief generally taking precautions to preserve the central bank's autonomy. The last president to visit the Fed was George W Bush in 2006 when he swore in Ben Bernanke as chair. Other Trump aides are expected to tour the Fed's renovations with him. It was not clear if Mr Trump will meet Mr Powell. 'The Federal Reserve is working with the White House to accommodate their visit,' a Federal Reserve spokesperson told The National. Mr Trump has grown increasingly frustrated with the Fed's extended rate-cut pause. The US central bank has held its interest target rate range steady at 4.25 to 4.50 per cent this year due to uncertainty surrounding tariffs. Recent data have shown that the effects of tariffs are beginning to creep into the US economy. The Labour Department reported last week that inflation had ticked up in June. Underlying data showed that prices in everyday items such as household appliances, toys and apparel are being passed down to consumers. Some economists, however, argue that the Fed should begin cutting rates soon to help protect the labour market. Unlike most central banks, the Fed holds a dual mandate of price stability and full employment. The visit also comes less than a week until the Fed's next meeting, where it is again expected to hold rates steady. But Mr Trump has repeatedly called for the Fed to lower interest rates by as much as 3 percentage points to around 1.25 per cent. He has said doing so could help service the US debt, a concept known as fiscal dominance. Projections released by the Fed in June signalled that the central bank expects to cut rates twice this year, although it is unclear when. Traders currently expect the Fed to resume rate cuts in September, according to CME Group data. Mr Powell has repeatedly said Mr Trump does not have the legal authority to fire him. And such a move would likely lead to a financial crisis as markets would question the independence of future rate moves by the central bank. Mr Powell has also said he will not resign before his term as Fed Chair expires in May 2026. The bond market was mostly subdued ahead of Mr Trump's visit, with the yield on the 10-year Treasury up 1 basis point at 4.398 per cent.
Zawya
11 hours ago
- Zawya
UAE showcases global leadership at UN Sustainable Development Forum, commits to 2026 SDG review
New York, USA: The UAE reiterated its strong commitment to global sustainable development at the United Nations High-Level Political Forum (HLPF) on Sustainable Development 2025 in New York, emphasizing international partnerships and placing human progress at the center of its vision for the 2030 Sustainable Development Goals (SDGs) and beyond. The message capped an active UAE presence at the forum, organized at the UN headquarters by the UN Department of Economic and Social Affairs, and attended by global leaders and organizations. The UAE delegation comprised senior officials from key ministries, national committees, and leading organizations, including the Ministry of Cabinet Affairs, Ministry of Interior, Ministry of Investment, Government Experience Exchange Programme (GEEP), General Secretariat of the National Committee on SDGs, the Environment Agency - Abu Dhabi (EAD), Noor Dubai Foundation, and Dubai Chambers. The UAE's Pioneering Model His Excellency Abdulla Nasser Lootah, Assistant Minister of Cabinet Affairs for Competitiveness and Experience Exchange and Chair of the National Committee on Sustainable Development Goals, highlighted the UAE's innovative and collaborative approach to international development cooperation. He said: 'We presented models and initiatives that showcase pioneering national development initiatives and reflect the importance of strategic partnerships in accelerating SDG achievement. These included the 2045 XDGs Report that envisions development prospects for the next two decades, and GEEP. We held meetings that focused on continually enhancing multilateral collaborative action to support finding innovative solutions to challenges in health, economic growth, the future of work, biodiversity, and international stability.' He confirmed the start of intensive preparations for the 2026 Voluntary National Review (VNR), to monitor and assess progress toward the 2030 SDGs. This reflects the UAE's unwavering commitment to transparency and accountability, comprehensive analysis of challenges and opportunities, and identifying future development priorities with participation from government, private sector, and civil society to ensure effort integration and vision unification, based on the UAE's ambitious vision for building a sustainable and inclusive future based on innovation, sustainability, and human development. HE Lootah noted that preparations are underway for the UAE's 2026 Voluntary National Review, underlining the nation's commitment to transparency, cross-sector collaboration, and a sustainable, inclusive future. The UAE is also preparing to host the UN Water Conference in December 2026, advancing global water sustainability. Strengthening Global Cooperation and Shaping Tomorrow The UAE reaffirmed its commitment to international cooperation and knowledge exchange, spotlighting initiatives that drive climate action, economic growth, and human development. Through high-profile events – including the 'Shaping Tomorrow: UAE Leadership for a Sustainable Future' exhibition – the delegation showcased innovative models and fostered dialogue with global partners. A special session by GEEP expanded the UAE's partnership network to nearly 50 countries and six international organizations, reinforcing its leadership in collaborative action. The launch of the 2045 XDGs Report, which outlines global development priorities beyond 2030 and builds on the momentum of the SDGs to address emerging challenges and opportunities, along with findings from a global survey, further underscored the UAE's active role in shaping sustainable development with forward-looking recommendations for the next two decades. Driving Innovation and Partnerships for Sustainable Progress The UAE delegation, in partnership with the UAE Consulate General in New York, showcased national leadership in advancing the SDGs through innovation and collaboration. The pivotal role of the Global Councils for SDGs – launched at the World Government Summit – was highlighted as a platform uniting leaders from government, international organizations, academia, and the private sector to accelerate progress through shared expertise. Sessions organized by the General Secretariat of the National Committee on SDGs focused on promoting gender balance and child welfare, addressing the digital gender gap, and strengthening women's leadership as essential drivers of sustainable growth beyond 2030. The UAE also hosted a roundtable on reimagining economic growth for people and the planet, and led discussions on economic diplomacy and integrating social and economic objectives for global stability. Additionally, the Ministry of Interior presented successful cross-border environmental initiatives, such as the Green Shield Operation, which aims to protect biodiversity in the Amazon Basin. Throughout the forum, the UAE strengthened international cooperation by holding 48 bilateral meetings and participating in high-impact Science Day activities. The HLPF on Sustainable Development is the UN's leading platform for SDG review and progress.
