Reading the IMF Executive Director and staff statements on Cyprus


Yesterday Stockwatch (see Pdf button at bottom) leaked IMF Executive Director (ED) comments (13 May) and the Buff summary paper (10 May) by an ED and his advisor before the Executive Board's decision (15 May) to approve a €1bn loan for the Cyprus bailout (see also link via FT Alphaville).


Update 20 May 2013 - The IMF released this Country Study report of Cyprus after the IMF loan was approved. It's well worth a look.

The list below identifies the different Executive Directors and the countries/country they represent on the Executive Board of the IMF.

The leaked pack consists of a Buff paper which seems to be a summary and appraisal of a previous staff paper and 17 Gray comment papers which react to the Buff paper.

The Buff paper is a statement and summary by Mr. Snel, Executive Director (Benelux, Balkans, Ukraine, Moldova, Israel and Cyprus), and senior adviser, Mr.Ektoras Kanaris.

The Gray papers are headed up by one of the 24 Executive Directors of the IMF (or/and their alternates) who make up the Executive Board.  The Gray papers are by and large co-authored by I assume special advisers (although these personnel do not seem to be listed on the IMF website).

There is a useful external IMF organization chart here. Click on the 'Executive Board' box to see how this is organized and who represents which area of the world and who is elected and who appointed. It is surprisingly interesting.

Generally each Gray paper comes from one of 24 the IMF countries or groups of countries represented by an Executive Director. The  exception is GRAY/13/1403 which is a combined statement for the countries/areas by their respective EDs or alternates of Germany, France, Southern Europe, Central Europe and Baltic Europe).

There are 22 country areas (some are single countries) represented in the papers. Two are missing/absent.

The Executive Board of 24 is second only to the Board of Governors (which meets annually). The Executive Board meets several times a week and is the working decision-making body of the IMF.

The list below identifies the Executive Directors (EDs) and Alternate Executive Directors (Alt EDs) and the country/ies they represent. 

BUFF paper

Mr. Menno Snel ED  (Benelux, Balkans, Ukraine, Moldova, Israel and Cyprus) and Mr. Ektoras Kanaris senior adviser to Mr Snel.

Interestingly the Mr Ektoras Kanaris who also works as a special adviser to an Executive Director at the IMF on LinkedIn worked at the Research Department of the Central Bank of Cyprus for 2 years and 4 months before moving to the IMF in February 2012. Before CBC he worked at Deutsche Bank in Emerging Market Equity Sales for a year after completing his Masters in Finance from Cambridge University in 2009.

Gray Papers

Mr. Battista ED and Mr. Torres AltED (Brazil Caribbean Cape Verde)

Mr. Shaalan ED (Middle East)  (Ms. Choueiri)

Mr. Zang ED (China) (Mr Xia )

Mr. Garcia Silva ED for (Latin America) (Mr. Carrière-Swallow, and Mr. Vogel )

Blank page 17

Mr. Alshathri Alt ED (Saudi Arabia) (Mr. Rouai)

Mr. Mozhin ED and Mr. Lushin Alt ED (Russia)


Mr. Davidoff Alt ED (Australia, Pacific and Central Asia) (Mr. Fisher)


Mr. Hockin ED (Canada, Caribbean, Ireland) (and Mr. Lessard)


Mr. Shimoda Alt ED (Japan) (Mr. Kitamura)


Ms. Lundsager ED (USA) (Mr. E. Meyer)


Mr. Mojarrad ED (Afpak, NAfrica, Ghana) (Mr. Jbili)


Mr. Yambaye Alt ED (Central Africa)


Mr. Saho ED (S and E Africa)


?Mr. Santoso, Mrs. Zainal Abidin, and Ms. Soontornpoch? (Couldn’t see any of these names) (India, Bangladesh, Bhutan and Sri Lanka?)


Mr. de Villeroche Alt ED (France), Mr. Montanino ED (S Europe (not Spain)), Mr. Prader ED (Central Europe/Turkey), Mr. Temmeyer ED (Germany), and Ms. Meyersson Alt ED (Baltic Europe)


Mr. Varela Alt ED (Central and Caribbean Latin America) (Ms. Navarro)


Mr. Yeates Alt ED (UK) (Mr. Meads)

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