FROM THE OFFICE OF PUBLIC AFFAIRS

March 4, 2004
JS-1212

Statement by U.S. Treasury Secretary Snow upon the resignation of
Horst Koehler as Managing Director of the IMF

Horst Koehler brought great energy and focus to his tenure as Managing Director of the IMF.  He transformed the institution in terms of its transparency, established the International Capital Markets Department as recognition of the changes in the world of international finance, refocused the IMF's lending conditions on core macroeconomic areas within the IMF's competencies, and worked to develop better crisis prevention tools and more effective crisis management. This is a long list of achievements in a relatively brief tenure.  We will continue to carry out these important changes.

On a personal level I will miss our regular discussions and meetings on the U.S. and world economies and on the challenges facing the IMF.  Horst was steadfast in his genuine, fundamental objectives of attaining sustainable economic growth and improving the standards of living of people everywhere.

I wish him continued success in his future endeavors.