IMF merges Asia offices

IMF merges Asia offices

WASHINGTON (DPA): The International Monetary Fund will start to merge its three departments dealing with various regions in Asia into a single unit in the new year and will soon establish a field office in Asia, the Fund's director announced Friday.

The reorganization is designed to reflect the growing importance of Asian countries and financial centers to the global economy, Managing Director Michel Camdessus said.

"The establishment of an office in Asia will enable the IMF to develop closer ties with the region and its regional organizations, national policy makers, financial markets and media, and to monitor developments more effectively," Camdessus said.

The new Asia and Pacific Department will be headed by Hubert Neiss, an Austrian who is currently director of the Central Asia Department, one of the three branches to be merged under the reorganization.

Kunio Saito, of Japan, currently head of the Southeast Asia and Pacific Department, will become director of the regional office, which will be established at a location in Asia yet to be announced, the IMF said.