Washington, DC – October 28, 2026: Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), announced today that Deputy Managing Director Bo LI will be leaving the IMF on November 30, 2026, at the conclusion of his term, and that Mr. Min LIAO, currently Vice Minister of Finance of the People’s Republic of China, is proposed to succeed Mr. Li as Deputy Managing Director, effective December 1, 2026.
“Since joining our senior management team in August 2021, Bo has been a cherished colleague and a dear friend to so many of us. He has helped guide the Fund through some of the most turbulent years for the global economy with steady judgment, intellectual rigor, and a quiet kindness that people across the institution have come to value deeply,” said Ms. Georgieva.
As Deputy Managing Director, Mr. Li has been responsible for the Fund’s work on about 90 member countries, as well as a wide range of policy issues. He led the launch of the Fund’s first Enterprise Risk Management policy and roadmap, and the modernization of the data governance framework. Mr. Li also guided work on digital money and cross-border payments and led seminal work on stablecoin regulation. He championed the Fund’s engagement with small developing states, supported debt restructurings under the Common Framework, and guided the institution’s agenda on governance and corruption. More recently, Mr. Li has spearheaded work on artificial intelligence, helping integrate AI into surveillance, lending, and capacity development work.
“Bo leaves a lasting mark on the Fund and will be greatly missed. I am personally very grateful to him for his friendship, his wise counsel, and his dedication to the Fund and our members,” added Ms. Georgieva.
In announcing the proposed appointment of Mr. Liao, she said: “Min is a highly respected policymaker with more than three decades of experience in banking, financial regulation, and macroeconomic governance. He has been deeply engaged in global macro-policy coordination and in bilateral and multilateral fiscal, financial, and trade cooperation. His experience at the intersection of domestic reform and international economic cooperation will be a tremendous asset to the Fund and our membership.”
Since May 2018, Mr. Liao has served as Vice Minister of Finance, and until 2023 he was concurrently Vice Minister of the Central Financial and Economic Affairs Commission Office. He brings deep expertise in the coordination of fiscal and monetary policies and has been a member of the Monetary Policy Committee since 2023. Prior to this, he was Director‑General of the Bureau of International Economy at the Central Leading Group for Financial and Economic Affairs.
Mr. Liao began his professional career at the People’s Bank of China, China Everbright Group and Bank of China. He also served in the China Banking Regulatory Commission, holding positions including Director‑General of the General Office. Later, he was Director‑General of the Shanghai Banking Regulatory Bureau. Alongside his policy and regulatory work, he has produced research in finance, banking supervision, macroeconomic policy and international financial governance.
Mr. Liao holds a master’s degree in economics from Peking University and an MBA from the University of Cambridge.
