Mexico’s Minister of Finance Agustin Carstens Becomes Development Committee Chairman

Contact:  Kiyoshi Kodera (202) 458-9555

kkodera@worldbank.org

Washington, D.C., March 26, 2007 -- The World Bank/IMF Development Committee announced today that Mexico's Secretary of Finance and Public Credit, Agustin Carstens, has been selected as its new Chairman. He replaces Mr. Alberto Carrasquilla, former Finance Minister of Colombia.

Minister Carstens has a distinguished record of service and achievement at home and on the international scene.  He was appointed Mexico’s Secretary of Finance and Public Credit on December 1, 2006.  Prior to taking up his position, Mr. Carstens served as Deputy Managing Director of the International Monetary Fund from August 2003 to October 2006. He was Mexico’s Deputy Secretary of Finance from 2000 to 2003.  From 1999-2000 he served as an Executive Director at the International Monetary Fund, after a career at the Banco de México (Central Bank), where his positions included those of Director General, Economic Research and Chief of Staff in the Governor’s office.

The Development Committee's 24 Members - mostly Finance or Development Ministers - represent the full membership of the Bank and the Fund. The Committee's mandate is to advise the Boards of Governors of the Bank and the Fund on critical development issues. The next meeting of the Committee will be held on April 15, 2007, in Washington, DC.