The International Monetary Fund announced Tuesday it has named the chief economist of the Asian Development Bank as the new director of its Asia-Pacific Department.

The IMF’s Managing Director Christine Lagarde said Rhee Chang-yong, the former vice chairman of South Korea’s Financial Services Commission, will take on the role as the new Asia-Pacific head starting February of next year.

The decision came after Anoop Singh, the current head of its Asia-Pacific bureau, recently offered to retire from the position.

Rhee’s appointment marks the first time a South Korean has headed one of the IMF’s working-level divisions.

The IMF said Rhee holds a deep understanding of the financial market based on his experience both in the public and private sectors, adding it looks forward to his role in Asia, one of the most dynamic regions of the world.

“As Asia continues to be one of the most dynamic regions in the global economy, my management team and I look forward to working with Mr. Rhee in serving our member countries in the region,” Lagarde said in a statement.

Rhee served as an economic expert at the transition committee under the previous Lee Myung-bak government in 2007, and also worked for the Presidential Committee for the G-20 Summit in 2009, preparing for the Seoul summit held in the following year. (Yonhap News)