Vitas Vasiliauskas, a former chief of Lithuania’s central bank and currently an adviser to the prime minister, is joining the Executive Board of the International Monetary Fund (IMF).
Vasiliauskas confirmed that January 6 was his last day of work with the team of Prime Minister Ingrida Simonyte. He will take up his new job in Washington, DC, on January 17.
At the PM’s office Vasiliauskas was tasked with drafting a civil service reform, which had stalled in the parliament.
“It is regrettable that the final approval of the structural reform of public administration is still pending due to the protracted discussion, which is essentially legalistic rather than substantive, but I have no doubt that the outcome of the parliamentary debate will be positive, because this is homework that is long overdue,” Vasiliauskas commented.
Vasiliauskas will represent the Baltic and Nordic countries on the IMF Executive Board between 2023-2026. He will be the first IMF executive director from the Baltic countries.
“Looking ahead, this year will not be an easy one for international finance and the global economy, and the IMF’s role as a stabiliser will be very important,” he said.
Vasiliauskas, then chairman of the Board of the Bank of Lithuania, was appointed executive director of the Nordic-Baltic Constituency at the IMF in March 2021 by consensus of the central banks of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.
Under mutual agreement, the Nordic and Baltic countries take turns at nominating a candidate for the position on a rotational basis.
Vasiliauskas is taking over as representative of the Nordic and Baltic countries from Finland’s Mika Poso.
His mission will be to ensure that Nordic-Baltic interests and coordinated positions are best represented in the IMF’s decision-making process.
In his role as the Lithuanian central bank’s governor, Vasiliauskas served as a member of the IMF’s Board of Governors between 2011 and 2021. (LRT/Business World Magazine)
