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Published: 26.03.2021

Eight central banks of the Nordic and Baltic countries adopted a joint decision to delegate Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, to represent the region at the Executive Board of the International Monetary Fund (IMF). Having assumed his duties as the IMF’s Executive Director, Mr Vasiliauskas will become the first Executive Director of the Baltic countries at the Executive Board of the IMF.

Under mutual agreement, the Nordic and Baltic countries take turns at nominating a candidate for the position of the Executive Director of the Nordic-Baltic Constituency on a rotation basis.

The current agreement also envisages that the three Baltic countries – Lithuania, Latvia and Estonia – are entitled to nominate one jointly-selected representative for three years, starting from January 2023. After considering his professional experience, international cooperation and management skills as well as taking into account the assessment of an international executive search firm, Vitas Vasiliauskas was selected by consensus from a group of five candidates considered for the position. The nomination was approved by the other countries of the Nordic-Baltic Constituency represented at the IMF by their central banks.

Upon taking office, the Executive Director of the Nordic-Baltic Constituency becomes a representative of the eight Baltic and Nordic countries to the IMF’s Executive Board. The Director’s mission and responsibility is to ensure that the Constituency’s interests and coordinated positions are duly represented in the IMF’s decision-making process. The Nordic-Baltic Constituency consists of Sweden, Denmark, Finland, Iceland, Norway, Estonia, Latvia and Lithuania.

The Executive Director is appointed for a three-year term. Vitas Vasiliauskas will assume his duties as the IMF’s Executive Director in January 2023, once the term of office of Mika Pösö, a representative of Finland, expires.

In his role as Governor of the central bank of Lithuania, Mr Vasiliauskas has also served as a member of the IMF’s Board of Governors since 2011. He became the Chairman of the Board of the Bank of Lithuania on 16 April 2011. Mr Vasiliauskas’ second term of office at the Bank of Lithuania will end on 7 April 2021.