THE International Monetary Fund (IMF) has announced that Deputy Managing Director Mr Tao Zhang will conclude his service at the global financial institution when his five-year term expires on August 20.

"We have all valued Mr Tao's insightful and even-handed judgment on a variety of pressing issues, as well as his international financial expertise and diplomatic skills when interacting with the Executive Board, other governing bodies, and with country authorities," said IMF chief Ms Kristalina Georgieva.

"With his strong intellectual and strategic leadership, Tao has enhanced the Fund's support for our member countries, especially as they strive to weather the storm of COVID-19 and transition to more resilient, sustainable, and inclusive economies," she added.

The IMF said the process is underway to identify a candidate to succeed Mr Zhang and further announcements will follow in due course.

Mr Zhang, a Chinese national, has spearheaded the IMF's engagement with a large group of member countries and its work across a wide range of policy issues, including climate change, fintech, gender, anti-money laundering and combating the financing of terrorism, and small states.

He has also provided leadership to the Fund's work on the Financial Sector Assessment Program (FSAP) and information technology and statistics, including iData which has been critical for modernising the IMF's economic data management.

In addition, he played a key role in helping to strengthen the IMF's relationship with partner institutions, from the World Bank to the UN family, and many other international and regional organisations. For many years, Tao also oversaw the Fund's work on low-income countries and fragile states, as well as on jobs and growth.

Before becoming Deputy Managing Director, Mr Zhang served as Executive Director for China during 2011-15. He has extensive international economic expertise and policymaking experience, including as Deputy Governor of the People's Bank of China (PBOC) and in various senior roles at the World Bank and the Asian Development Bank.