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Antoinette Sayeh, first African woman CEO of the IMF

28/02/2020
Source : Agence Ecofin
Categories: Rate

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If she will soon, and rightly, be picked up by all organizations promoting the genre, the story of Antoinette Sayeh is not only that of a successful woman. Involved in the management of several crisis situations, in her country, at the World Bank and at the IMF, the economist has always managed to resolve the situation while managing to stay away from the spotlight. This week, when Kristalina Georgieva, director of the IMF, proposed the name of Antoinette Sayeh to join the pool of 4 deputy directors of the institution, it was the entire African continent and its media that provided a favorable response to the decision, for several reasons. Firstly, because after Alassane Ouattara, this appointment would bring to 2 the number of Africans having held the position of deputy managing director of the IMF. Firstly, because after Alassane Ouattara, this appointment would bring to 2 the number of Africans having held the position of deputy managing director of the IMF. Then, at a time when the promotion of gender is a global trend, the appointment of a woman to support the new managing director of the IMF seems to flow naturally. However, it is only for her efficiency that the discreet economist has managed to rise to this level of the hierarchy of the organization. Indeed, involved in the management of some of the most formidable crises on the continent, the Liberian has always managed to reverse the trend, while avoiding the spotlight. One of the most discreet “working girls” on the African continent For the general African public, Antoinette Sayeh is far from being the best-known personality. Little present in the media, the Liberian seems to have cultivated the most total discretion around her person. The details of his background are the same regardless of the sources and are worthy of the lines of a curriculum vitae filled out with the utmost mastery. In the press too, we find only a few words dropped here and there in the context of her work or during events in which she participated. His social media accounts don't give much information either. Finally, from more than twenty years of work, only a few lines have survived, very few press articles and even fewer interviews. Finally, from more than twenty years of work, only a few lines have survived, very few press articles and even fewer interviews. A problem when trying to know who will become, next March, the first African woman to become Deputy Managing Director of the IMF? Not really.

A reputation as a shrewd economist, an enlightened manager and a talented negotiator. Indeed, Antoinette Sayeh is a true "Working Girl" who is defined by her work and her many accomplishments. They enabled her to acquire a reputation as a shrewd economist, an enlightened manager and a talented negotiator, capable of managing the most complicated crises. These qualities, Antoinette Sayeh has demonstrated them many times in the service of her country, the IMF or the World Bank.
Journey of a Liberian who always ended up coming back
The story of Antoinette Sayeh begins in Monrovia, Liberia, where the economist was born on July 12, 1958. She grew up there and completed her primary and secondary studies there before leaving for the United States. Antoinette Sayeh will obtain a degree in economics at Swarthmore College, before obtaining a master's degree in law and a doctorate in international economic relations from the Fletcher School of Law and Diplomacy, Tufts University, in 1985. With similar references, she has no difficulty in starting his professional life. Back in Liberia, Antoinette Sayeh joined the Ministry of Finance and Planning as an economic adviser. She was still working in the ministry when the first Liberian civil war broke out. Antoinette Sayeh will then be one of the many personalities who will leave the country. She joined the World Bank and managed numerous programs for the organization in several countries such as Benin, Togo and Niger. His efficiency also earned him to participate in the reform of the public service in Pakistan.

His efficiency also earned him to participate in the reform of the public service in Pakistan.
In January 2006, Ellen Johnson Sirleaf took power in Liberia and had to face a disastrous economic situation, weighed down by heavy debt. To get Liberia out of this situation, she decided to trust Antoinette Sayeh and appointed her finance minister. After nearly 17 years away from home, the native of Monrovia returns to the country to become the second woman in national history to hold this position after the president.
High-flying work in managing Liberia's debt and the Ebola crisis Antoinette Sayeh's time in Liberia's finance ministry was one of the most complicated moments of her career.

"Sometimes it's hard to remember how difficult the task was"
In an interview recorded by the Fletcher School of Law and Diplomacy, her former university, she shared difficulties that ranged from power outages in buildings with non-working elevators, to public dissatisfaction with necessary restrictive measures. to revive the economy. "Sometimes it's hard to remember how difficult the task was," says Antoinette Sayeh. While Liberia is just emerging from 14 years of war, its economy is at an all-time low. It is not only necessary to manage the debt, to balance the budget, to reduce the expenses of the administration, in particular by sending to the retirement all the civil servants who should have been there for years. “We were seen as heartless people for having retired civil servants leave,” she recalls. “We were seen as heartless people for having retired civil servants leave,” she recalls. Finally, after two years of reforms and dialogue with the IMF and the ADB, it succeeded in clearing a debt of approximately 4 billion dollars, which made the country eligible for the Initiative in favor of the heavily indebted poor countries. . The international mechanisms provided for this purpose then erase a significant part of the country's debt. Thanks to the mechanisms of this program, and under the impetus of Antoinette Sayeh, the Liberian economy is recovering.
This episode earned Antoinette Sayeh the respect of the IMF, which decided to entrust her with the management of the organization's Africa department in 2008.


"To finance the fight against this scourge, it was logical to widen the budget deficits"

IMF relay on the continent, Antoinette Sayeh finds herself on the front line when Ebola hits the continent. “In July-August 2014, when the severity of the Ebola outbreak became apparent, we worked with the governments of Guinea, Liberia and Sierra Leone to quickly assess the macroeconomic consequences and the necessary measures. To finance the fight against this scourge, it made sense to widen the budget deficits, but, since these countries did not have access to markets, we also had to help them fill in huge financing problems. By implementing accelerated procedures, the IMF reacted quickly to offer the three countries zero-interest financing of 130 million dollars,” explains Antoinette Sayeh.

His firmness in the Mozambican hidden debt affair, or in the face of the crisis suffered by CEMAC after 2015, have also given him a reputation as a rigorous manager.

His firmness in the Mozambican hidden debt affair, or in the face of the crisis suffered by CEMAC after 2015, have also given him a reputation as a rigorous manager. When she left the IMF in 2016, she joined, as a visiting scholar, the Center for Global Development (CGD), a nonprofit think tank based in Washington, D.C. She has since continued to collaborate with the World Bank , notably during the recent replenishment of the World Bank Group's International Development Association (IDA19). Second female finance minister in Liberia, first female Africa director of the IMF and now the first African woman to become the organisation's deputy managing director, Antoinette Sayeh is continuing her trajectory without fuss. The Liberian is closer than ever to the position of Managing Director of the IMF.

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