David Lipton

American economist David Lipton will serve as interim leader of the International Monetary Fund, replacing Christine Lagarde who was nominated to head the European Central Bank, the IMF board announced Tuesday.

"Corporate debt remains a serious and growing problem that must be addressed immediately and with a commitment to serious reforms," David Lipton, IMF's first deputy managing director, said in the text of a speech to an economics conference in Shenzhen.

IMF First Deputy Managing Director David Lipton told the BBC World Service the tradition by which a European heads the fund while an American leads the World Bank was coming under pressure and the next appointment would be "strictly merit-based".

A further increase in the price of oil could hurt global economic growth and countries that subsidize energy prices should reconsider the impact on their budgets

American economist David Lipton will serve as interim leader of the International Monetary Fund, replacing Christine Lagarde who was nominated to head the European Central Bank, the IMF board announced Tuesday.

"Corporate debt remains a serious and growing problem that must be addressed immediately and with a commitment to serious reforms," David Lipton, IMF's first deputy managing director, said in the text of a speech to an economics conference in Shenzhen.

IMF First Deputy Managing Director David Lipton told the BBC World Service the tradition by which a European heads the fund while an American leads the World Bank was coming under pressure and the next appointment would be "strictly merit-based".

A further increase in the price of oil could hurt global economic growth and countries that subsidize energy prices should reconsider the impact on their budgets