Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today after news of the death of Mr. Antonio Borges:

"It is with great sadness that we have learned of the passing of Antonio Borges, who served as Director of the IMF's European Department in 2010-2011. On behalf of everyone at the Fund, I wish to offer our deepest condolences to Antonio's family and to all his many colleagues and friends in Portugal and around the world."

Mr. Borges joined the Fund in November 2010 (see Press Release No.10/400), and announced his intention to leave in November 2011 (see Press Release No.11/417).