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IMF chief to leave his post in October

The World | World in Brief / WASHINGTON, D.C.

June 29, 2007|From Times Wire Reports

International Monetary Fund Managing Director Rodrigo de Rato said he would step down in October, about six weeks after upheaval at the helm of the fund's sister institution, the World Bank.

"My family circumstances and responsibilities, particularly with regard to the education of my children, are the reason for relinquishing earlier than expected my responsibilities at the Fund," he said in a statement to the board of the 185-nation lending institution.

De Rato, 58, was due to end his five-year term in May 2009. Former U.S. Trade Representative Robert B. Zoellick takes over this weekend as head of the World Bank, replacing Paul D. Wolfowitz.

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