The International Monetary Fund has formally opened the process to appoint a new director for its African Department, following the announcement that Abebe Aemro Selassie will retire on May 1, 2026, Capital Newspaper reported.

Selassie, an Ethiopian economist, has led the department since 2016, guiding the Fund’s engagement with 45 sub-Saharan African member states through periods of unprecedented economic volatility, including the COVID-19 pandemic and the ensuing global inflationary pressures.

During his 32-year career at the IMF, Selassie advanced through multiple roles, joining in 1994 and serving as Mission Chief for South Africa and Portugal before taking the helm of the African Department. Under his leadership, the Fund intensified programmes and policy support across the continent, addressing debt vulnerabilities, health crises, and external economic shocks.

As the IMF begins its search, the next director will be expected to maintain Selassie’s momentum, balancing the institution’s fiscal standards with the pressing development needs of African economies, according to Capital Newspaper.