International Monetary Fund (IMF) Managing Director Kristalina Georgieva has nominated Daniel Katz, chief of staff to US Treasury Secretary Scott Bessent, as the IMF’s next first deputy managing director — the institution’s second-highest leadership post.

The proposed appointment, effective October 6, will require approval from the IMF Executive Board, the global lender confirmed in a statement on Thursday.

Katz, who has worked with the US Treasury Department for more than a decade, currently serves as the principal adviser to Bessent on domestic and international policy matters. Before assuming his present role, he also consulted for Bessent’s hedge fund. Local media noted that his policy experience spans both government and financial markets.

Georgieva praised Katz’s expertise while announcing the nomination. “Dan is known for his passion for policy work, particularly where economic policy and international relations intersect. He is highly respected for his solution-oriented approach, collaborative leadership style, and ability to bring fresh perspectives to complex issues,” she said.

The nomination follows the departure of Gita Gopinath, who stepped down as the IMF’s first deputy managing director at the end of August to return to Harvard University. Gopinath, an Indian-American economist, had been the first woman to hold the IMF’s number two role.

Traditionally, European nations have selected the IMF’s managing director, while the United States — the fund’s largest shareholder — has influenced the choice of first deputy managing director. If approved, Katz will assume the role at a time when the IMF faces mounting global economic challenges, including slowing growth, debt distress in developing countries, and the impact of geopolitical tensions.