Gita Gopinath to Leave IMF in August, Returns to Harvard as Economics Professor

New Delhi (India) July 22: The International Monetary Fund (IMF) said in a statement on Monday that Gita Gopinath will be returning to Harvard University at the end of August. She is IMF’s No.2 official.

The statement said, “International Monetary Fund (IMF) Managing Director Kristalina Georgieva announced today that Gita Gopinath, First Deputy Managing Director (FDMD), would be leaving the Fund at the end of August to return to Harvard University.”

New replacement not announced 

The announcement also said that Gopinath's successor will be announced "in due course" by IMF Managing Director Kristalina Georgieva.

Gopinath is a US citizen. She was born in India. She seems to have been the driving force for her departure. Her decision has surprised the IMF employees.

Back to teaching at Harvard

Gopinath will join Harvard's Department of Economics as the first Gregory and Ania Coffey Professor of Economics. She became the first woman to hold the position when she joined the IMF in 2019 as Chief Economist. She became the First Deputy Managing Director in January 2022

Gita said, "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" in a statement.

Gopinath thanked Georgieva and former IMF chief Christine Lagarde. They had appointed her as Chief Economist. She expressed gratitude for a "once-in-a-lifetime opportunity" to work at the IMF.

Gita served as the John Zwaanstra Professor of International Studies and Economics in Harvard University's economics department before being appointed IMF Chief Economist.

Praised for global work

Kristalina Georgieva calls Gopinath “a rare combination of brilliance and humility.” She acknowledges her role in guiding the IMF through some of the most difficult economic times in recent memory.

She said, “Gita came to the Fund as a highly respected academic in macroeconomics and international finance. Admiration for Gita only grew through her time at the Fund, where her analytical rigor was paired with practical policy advice to the membership during an especially challenging period, which included the pandemic, wars, the cost-of-living crisis, and major shifts in the global trading system.”

A key role was played by Gopinath during the COVID-19 pandemic. She was a co-author of the IMF's Pandemic Plan. It is a significant effort that established vaccination goals for the entire world at affordable prices.

She also led the creation of the Integrated Policy Framework (IPF). It gives nations the means to create financial stability and macroeconomic policies that meet their requirements.

Aadrika Tayal