International Monetary Fund Managing Director Kristalina Georgieva announced a change in the team of deputy managing directors. Bo Li will leave the fund on November 30, 2026, when his term expires, and Min Liao, China's Deputy Finance Minister, has been proposed as his successor. The proposed appointment is to take effect on December 1, 2026
The IMF's wording is that Georgieva is proposing Liao for the post, while the Chinese vice finance minister has already been described as a future deputy managing director by some media. The final appointment follows the Fund's procedure.
“Bo has left a lasting mark on the Fund and will be greatly missed. I am personally grateful for his friendship, wise counsel, and dedication to the IMF and its members,“ Georgieva said.
Bo Li to step down after five years at the helm
Bo Li will assume the position of Deputy Managing Director effective August 23, 2021. During his tenure, he will be responsible for the IMF's work in approximately 90 member countries, as well as a wide range of policy issues.
Among his areas of work are the Fund's first corporate risk management policy and roadmap, the modernization of the data governance framework, digital currencies, and cross-border payments. Li also led work on the regulation of stablecoins – digital assets tied to traditional currencies or other assets.
According to data cited by the IMF, he has supported the institution's commitment to small developing countries, debt restructuring under the General Framework, and work on governance and the fight against corruption. In the final stage of his mandate, his portfolio also includes the integration of artificial intelligence into supervision, lending activities, and capacity development.
Ming Liao comes from the Chinese financial management
Ming Liao has been China's vice minister of finance since May 2018. Until 2023, he was also deputy head of the Office of the Central Financial and Economic Affairs Commission. Since 2023, he has also been a member of the Monetary Policy Committee of the People's Bank of China.
Previously, Liao worked at the People's Bank of China, China Everbright Group and Bank of China. He was also a general director at the China Banking Regulatory Commission, as well as head of the Shanghai Banking Supervision Bureau.
Georgieva described Liao as a politician with more than three decades of experience in banking, financial regulation and macroeconomic management. He holds a master's degree in economics from Peking University and an MBA from the University of Cambridge.
Sources: disruptionbanking.com, scmp.com