The International Monetary Fund (IMF) was preparing to appoint Ricardo Reis, a professor at the London School of Economics, to the position of chief economist at the beginning of summer, but ultimately backtracked on the decision. According to the Financial Times, which cites three anonymous sources, the IMF retreated after learning of previous statements by Reis in which he warned about the negative effects of trade tariffs imposed by US President Donald Trump.
In July, the IMF ended up appointing Silvana Tenreyro, former official at the Bank of England and also an economist at the LSE, who took office in August. According to the sources cited by the FT, Tenreyro also argued that tariffs harm economic growth, but was described as "less critical" than Ricardo Reis.
The Portuguese economist did not comment on the information reported by the Financial Times. An IMF spokesperson declined to comment on the selection process, citing the practice of "strict non-disclosure" regarding competing candidates, and stressed that the process was "rigorous and competitive."
According to Expresso, which cites the FT, although the IMF's Managing Director, Kristalina Georgieva, is formally responsible for top appointments, the United States exercises strong informal influence as the largest shareholder of the institution. The British newspaper also reports that Georgieva abandoned the focus on "gender policies" and "climate change," under pressure from US Treasury Secretary Scott Bessent, who asked the IMF to focus on its core responsibilities of macroeconomic and financial stability.
