Almost 500 International Monetary Fund staff are set to leave after 20 per cent of the fund’s workforce requested voluntary redundancy as part of a plan to deliver $100m in cost savings.
The announcement was made as the IMF disclosed that member countries almost unanimously approved a new voting system to give emerging and developing economies greater influence. The fund originally sought 380 voluntary redundancies, mainly in senior management and administrative roles, but its buyout offer was heavily oversubscribed, drawing 591 applications from 2,900 eligible staff.
