IMF names first Korean to director post in Asia-Pacific.

The International Monetary Fund has named a new Asia-Pacific department director with effect from 10 February 2014.

Rhee Chang-yong, the former Korea Financial Services Commission vice chairman, is the first Korean to serve a director-level position at the institution, according to the Ministry of Strategy and Finance. He currently serves as chief economist at Asia Development Bank and will succeed Anoop Singh of India, who retires at the end of 2013 after five years on the post. 

In his new role, Rhee will oversee economic, finance and other related issues of the countries in the region, including Korea, China, Japan, India and members of the Association of South East Asian Nations. The IMF is divided into five regions: Asia-Pacific, Africa, Europe, Middle East and Central Asia and America.