Rodrigo de Rato, managing director of the International Monetary Fund, is stepping down this fall.

De Rato informed the IMF’s executive board today that he will not be able to serve the full length of his mandate. He intends to leave the IMF in October following the conclusion of the 2007 Annual Meetings of the Boards of Governors of the IMF and World Bank Group.

“I have taken this decision for personal reasons. My family circumstances and responsibilities, particularly with regard to the education of my children, are the reason for relinquishing earlier than expected my responsibilities at the Fund,” he said.

“My intention is to step down as managing director soon after the 2007 annual meetings and I wanted to share my decision with you as soon as I made it in order to provide the board with reasonable time to appoint my successor,” he added.

Bank of Canada governor, David Dodge, said, “Mr. de Rato has been a strong leader and a driving force behind renewing the IMF to meet the global challenges of the 21st century. We at the Bank of Canada are very sorry that he will be leaving. His departure will be a big loss for the international community. We have enjoyed working with Mr. de Rato and we look forward to his continued leadership through to the 2007 Annual Meeting of the IMF.”