3 November 2020

The election of a Hungarian economist to the International Monetary Funds’ (IMF) Executive Board – for the first time in the history of the international organisation – is a major success and represents a valuable opportunity for Hungary. Dániel Palotai, former Executive Director and Chief Economist of the Magyar Nemzeti Bank, has been representing Hungary and the group of Central and Eastern European countries in the IMF’s supreme decision making body from 1 November 2020.

The MNB welcomes the decision by the IMF’s Member Countries to elect Dániel Palotai to the Executive Board. With the decision, an internationally renowned expert with a broad range of experience in economic policy and science, and particularly in the areas of monetary, as well as fiscal, structural and competitiveness policies, has been appointed to the Board.

We are convinced that, using his knowledge and expertise and by sharing his experience with the Hungarian economic policy reforms placing the economy on a track to successful convergence, Dániel Palotai will make effective contribution to the IMF’s work, not only in addressing global economic challenges caused by the current pandemic situation, but also in enhancing recovery plans.