The International Monetary Fund (IMF) has announced that Abebe Selassie will retire as the Director of the African Department on May 1, 2026. Selassie has served in this pivotal role since 2016, overseeing the IMF’s extensive engagement with 45 sub-Saharan African countries. His tenure has been marked by significant initiatives, including the addition of a 25th chair to the IMF’s Executive Board, enhancing the voice of sub-Saharan Africa within the institution. This transition marks the end of a decade of leadership focused on improving economic and development outcomes across the continent. During his directorship, the IMF provided approximately $60 billion in financial support to African nations since 2020, underscoring the organization’s intensified engagement. Reports suggest that under his guidance, the African Department has solidified the IMF’s position as a reliable partner for many African nations. Selassie has actively collaborated with regional economic blocs, the African Union, and individual African states to articulate development priorities, reshape economic governance, and address financial challenges. His contributions have been instrumental in navigating complex economic landscapes and fostering sustainable growth. The IMF’s support has often focused on critical areas such as reforming the global financial architecture to promote stability and equity, and providing concessional financing to mitigate rising borrowing costs for African nations. A key aspect of his work has been advocating for fair representation within international financial institutions, pushing for quota reforms that better reflect Africa’s substantial economic contributions. He has also championed efforts to unlock investments for job creation and sustainable growth, recognizing the continent’s rapidly expanding working-age population. Furthermore, Selassie’s leadership has emphasized the importance of climate finance and debt relief to build resilience against climate-related disasters, which disproportionately affect Africa despite its low contribution to global emissions. These efforts align with Agenda 2063’s vision for inclusive growth and enhanced global engagement with the continent. Kristalina Georgieva, Managing Director of the IMF, praised Selassie’s “visionary leadership, dedication to the Fund’s mission, and unwavering commitment.” She highlighted his legacy of aligning the Fund’s work with the aspirations of the African people for good governance, strong economies, and lasting prosperity. A national of Ethiopia, Selassie joined the IMF in 1994 and amassed 32 years of experience, holding numerous senior positions prior to leading the African Department. His expertise spans policy, operational review, and economic research, with prior assignments in Turkey, Thailand, Romania, and Estonia, as well as leadership roles in Portugal, South Africa, and Uganda. His departure signifies a notable change in leadership for the IMF’s crucial work in Africa, a region poised for significant economic development and facing ongoing global challenges. The International Monetary Fund remains dedicated to promoting global economic growth, financial stability, and poverty reduction through international trade and cooperation.
