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Yves Logghe/AP

IMF's European Department chief Antonio Borges quits

The chief of the IMF’s European department – and one of its biggest voices complimenting Ireland’s progress – steps down.

THE IMF has confirmed that the head of its European department – and one of its most prominent voices in favour of Ireland’s economic recovery – has resigned.

Antonio Borges has relinquished the duties with immediate effect, citing personal reasons.

He is to be replaced by Reza Moghadam, who had previously led the Strategy, Policy and Review department. That position will now be taken up by Siddharth Tiwan, who was the IMF’s Secretary.

Borges took office in November 2010 – after Greece had been forced into needing EU-IMF funding assistance, and just weeks before Ireland followed suit.

In a press statement, IMF head Christine Lagarde said Borges had “led the European Department during an extremely difficult period for the region’s Eurozone members”.

“His vast public and private sector, and academic experience, combined with his ability to build strong relationships with member country authorities, have been of great value in responding to the crisis.”

Only last month Borges had said Ireland’s economic outlook was “surprisingly positive”, after visiting as part of one of the EU-IMF’s quarterly reviews.

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