IMF director calls new BOK chief nominee an outstanding institutional leader

The head of the International Monetary Fund (IMF) on Wednesday hailed the nomination of a South Korean IMF official, Rhee Chang-yong, to be the head of South Korea's central bank, calling him an outstanding leader and champion of analytical rigor.

IMF Managing Director Kristalina Georgieva said Rhee will step down as director of the Asia and Pacific Department (APD) early next month to be considered for his new role as governor of the Bank of Korea.

"Since joining the Fund in February 2014, Chang-yong has been an outstanding institutional leader. He has brought a keen intellect and passion to his work, dedicating his efforts to serving our member countries," she said in a released statement.

"During his eight years at the helm of APD, Chang-yong has made a tremendous impact in strengthening the Fund's relationship with Asian member countries. His vast knowledge of Asian economies and politics—as well as his wide network—have helped to forge trust with our members," she added, while asking others to join her in "congratulating Chang-yong on his nomination to this very important role."

Georgieva also said Rhee was a "steadfast colleague and a friend."

"Those of us who had the privilege of working with him were deeply touched by his kindness and collegiality, as well as his marvelous sense of humor," she said. "He has been a people leader to the core, fully committed to the well-being of APD staff. He will be sorely missed by colleagues across the institution."

The congratulatory remarks come amid a heated debate in South Korea over who should have nominated a new central bank governor with President Moon Jae-in set to step down in May.

Moon's office said the selection of Rhee had been made under discussions with, if not consent from, the aides of President-elect Yoon Suk-yeol, which was quickly refuted by Yoon's transition team.

Moon and Yoon were originally scheduled to meet after Yoon was elected president in the March 9 presidential election, but the meeting has yet to be held amid speculations the two sides were quarreling over who should name nominees to several key government posts that are expected to become vacant before Moon's term ends.

Rhee previously worked as an economics professor at Seoul National University, vice chairman of the Financial Services Commission and chairman of the Securities and Futures Commission of Korea, according to the IMF.

He also served as chief economist at the Asian Development Bank until joining the IMF in 2014. (Yonhap)