International Monetary Fund appointed former Brazilian central bank chief to oversee negotiation with Argentina

International Monetary Fund Managing Director Kristalina Georgieva appointed the Brazilian-Israeli on Monday Ilan Goldfajn head of the Western Hemisphere department and will be the official overseeing the negotiation of the new program with Argentina.

Goldfajn was director of the Central Bank of Brazil during the presidency of Michel Temer and for approximately 3 months at the start of the administration of Jair Bolsonaro. In 2017, he was elected central banker of the year by the magazine The banker to get Iograd tame inflation. That year, Brazil had the lowest inflation rate in 20 years.

In a statement, Georgieva said Goldfajn will take office on January 3 next year and will replace Alejandro Werner, whose retirement was announced months ago.

Werner was the official who led negotiations for the largest loan in the agency’s history, of $ 57,000 million (44,000 million disbursed) granted to Argentina in 2018 under the government of Mauricio Macri and the executive direction of Christine Lagarde within the Fund.

The official, who has been criticized for Kirchnerism As one of the persons responsible for this loan which generated an unsustainable debt for our country, he was immediately dismissed from the renegotiations between Minister Martín Guzmán and two other technical officials of the Fund, Julie Kozak and Luis Cubeddu, who also replaced those who negotiated the loan in the previous management.

“I am delighted that Ilan is joining our team as the new Director of the Western Hemisphere Department. Have impressive experience in the public and private sectors and he is highly respected as an academic. His proven track record as a policy maker, communicator, as well as his in-depth knowledge as an international financial framework and his familiarity with the work of the Fund will be invaluable in helping our member countries in the region, ”said Georgieva.

Goldfajn, with the dual nationality of Brazil and Israel, He worked as an economist at the Fund from 1996 to 1999. “I am very happy that Ilan is returning to us at this crucial time and that we can benefit from his exceptional experience as we continue to help countries in the region build more resilient and inclusive economies,” said Georgieva.

Goldfajn was Governor of the Central Bank of Brazil (BCB) from May 2016 to February 2019. From this post, states a statement released by Georgieva, “he oversaw the implementation of significant regulatory changes which opened the door to new players in the financial services sector, stimulated innovation and digitization and fostered the growth of financial technology companies that have had a positive impact on the financial sector in Brazil ”.

In 2017, the economist was considered the best central banker by the magazine The banker for keeping inflation under control in this country. The following year, he was named best central banker by the magazine. Global finance.

In the private sector, Goldfajn was Chief Economist and Partner of Itaú Unibanco, Founding Partner of Ciano Investimentos and Partner and Economist of Gávea Investimentos, three leading financial institutions in Brazil. Most recently, he was Chairman of the Advisory Board of Credit Suisse Brasil.

Georgieva also highlights her thexperience in international organizations because he has worked as a consultant for various global financial organizations including the World Bank, the United Nations and the IMF.

Goldfajn holds a doctorate in economics from the Massachusetts Institute of Technology (MIT), a master’s degree in economics from the Pontifical Catholic University, and a bachelor’s degree in economics from the Federal University, both in Rio de Janeiro, in Brazil.