Nemat Shafik

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Nemat Shafik

Nemat Shafik Portrait.jpg
16th Director of the London School of Economics and Political Science
Assumed office
1 September 2017
Deputy Governor of the
Bank of England
In office
1 August 2014 – 28 February 2017
Succeeded byCharlotte Hogg
Personal details
Nemat Talaat Shafik

(1962-02-05) 5 February 1962 (age 57)
Alexandria, Egypt
NationalityUK/US Egyptian
Alma materAmerican University in Cairo
University of Massachusetts-Amherst
London School of Economics
St Antony's College, Oxford

Dame Nemat Talaat Shafik, DBE (Arabic: نعمت شفيق; also known as Minouche Shafik) (born 5 February 1962) is an Egyptian-born British-American economist[1] who served as the Deputy Governor of the Bank of England[2] and has served as the director of the London School of Economics since September 2017.[3]

Born in Alexandria, Egypt, Shafik studied at the University of Massachusetts-Amherst and the London School of Economics before receiving her doctorate from St Antony's College, Oxford.[4] Shafik served as the Permanent Secretary of the Department for International Development from March 2008 to March 2011, when she went on to serve as the Deputy Managing Director of the International Monetary Fund.[5]

She joined the Bank of England as its first Deputy Governor on Markets and Banking and the Member of the bank's Monetary Policy Committee on 1 August 2014[6][7] and resigned in February 2017.[8] On 12 September 2016, it was announced that Shafik had been appointed as the next Director of the London School of Economics, replacing sociologist Craig Calhoun. She took up the post on September 1, 2017.[9]

Early life[edit]

Shafik was born in Alexandria, Egypt in 1962. Her family left Egypt when she was four,[10] and she lived in the United States as a child, later returning to Egypt where she graduated from Schutz American School.[11][12] After a year at the American University in Cairo, she went to the University of Massachusetts-Amherst where she completed a B.A. in economics and politics.[13]

After two years of working on development issues in Egypt for the U.S. Agency for International Development office in Cairo, in 1986 she completed an MSc in Economics from the London School of Economics followed by a DPhil in Economics from St Antony's College, University of Oxford in 1989.[13][14][15]


Shafik joined the World Bank after Oxford and filled a variety of roles starting in the research department where she worked on global economic modelling and forecasting and then later on environmental issues. She moved to do macroeconomic work on Eastern Europe during the transition and in the Middle East where she published a number of books and articles on the region's economic future, the economics of peace, labour markets, regional integration, and gender issues.[16]

Shafik became the youngest ever Vice President at the World Bank at the age of 36.[17][18]

She initially went to the British Government's Department for International Development (DFID) on secondment as Director General for Country Programmes where she was responsible for all of DFID's overseas offices and financing across Africa, the Middle East, Asia, Latin America, and Eastern Europe. She was appointed as DFID's Permanent Secretary in 2008 where she managed a bilateral aid programme in over 100 countries, multilateral policies and financing for the United Nations, European Union and international financial institutions, and overall development policy and research – responsible for 2400 staff and a budget of £38 billion (about US$60 billion) for 2011–2014. During her tenure, DFID was described by the OECD independent peer review as "a recognised international leader in development".[19]

Nemat Shafik served as IMF Deputy Managing Director from April 2011 until March 2014. As Deputy Managing Director, Ms. Shafik was responsible for country work in Europe and the Middle East, the IMF’s $1 billion administrative budget, human resources for its 3,000 staff and the IMF’s training and technical assistance for policy makers around the world. [20]

An economist by training, she has held a number of senior positions in international organisations. She has also spoken, taught and published extensively on globalisation, emerging markets and private investment, international development, the future of Middle East and Africa, and the environment.[21]

Academic work[edit]

Shafik on the far right with Barack Obama and Christine Lagarde

Shafik has held academic appointments at the Wharton Business School of the University of Pennsylvania and the Economics Department at Georgetown University. She has authored, edited, and co-authored a number of books, including Prospects for the Middle East and North African Economies: from Boom to Bust and Back? and Challenges Facing Middle Eastern and North African Countries: Alternative Futures, and Reviving Private Investment in Developing Countries. She has written articles for a number of publications, including Oxford Economic Papers,[22] Colombia Journal of World Business, The Middle East Journal, Journal of African Finance and Economic Development, World Development, and the Journal of Development Economics. She contributes to a blog with other heads of development agencies at[23]

In September 2016, Shafik was appointed as the 16th Director of the London School of Economics (LSE), effective from 1 September 2017.[3]

Boards and charitable activities[edit]

Dame Nemat Shafik currently serves on a number of boards including the Middle East Advisory Group to the International Monetary Fund,[24] and the Economic Research Forum for the Arab World, Iran and Turkey.[25] She is also active on the board and as a mentor to the Minority Ethnic Talent Association which supports under-represented groups to advance to senior positions in the civil service.[26] In 2018, she joined the Task Force on Fiscal Policy for Health, a group convened by Michael R. Bloomberg and Lawrence H. Summers to address preventable leading causes of death and noncommunicable diseases through fiscal policy.[27]

She has chaired several international consultative groups including: the Consultative Group to Assist the Poor, the Energy Sector Management Assistance Programme,[28] the Global Water and Sanitation Program,[29] Cities Alliance,[30] InfoDev,[31] the Public-Private Infrastructure Advisory Facility,[32] and the Global Corporate Governance Forum.[33] She was instrumental in launching the Africa Infrastructure Consortium.[34]


In 2009, she was named "GG2 Woman of the Year" at the 11th Annual GG2 Leadership & Diversity Awards, run by the Asian Media and Marketing Group.[35] Shafik was made a Dame Commander of the Order of the British Empire (DBE) in the June 2015 Queen's Birthday Honours.[36]


She has twin children with her second husband, Raffael Jovine, and three stepchildren.[36] She speaks English, Arabic, and French[18] and holds both US and UK nationality.[37]


  1. ^ Dudman, Jane (2013-04-11). "Nemat Shafik: Global Public Leaders Series keynote speaker". the Guardian. Retrieved 2018-01-19.
  2. ^ Chan, Szu Ping; Quinn, James (12 September 2016). "Bank of England deputy Governor Minouche Shafik quits after just two years". The Daily Telegraph. Retrieved 9 March 2017.
  3. ^ a b The London School of Economics and Political Science. "LSE appoints Deputy Governor of Bank of England as new Director". LSE Website. Retrieved 12 September 2016.
  4. ^ Bray, Chad (2016-09-12). "Deputy Governor of Bank of England to Lead London School of Economics". The New York Times. ISSN 0362-4331. Retrieved 2017-03-09.
  5. ^ "Nemat Shafik biodata". Retrieved 6 January 2012.
  6. ^ "Bank of England sees new deputy governors in shake-up". BBC News. 18 March 2014. Retrieved 18 March 2014.
  7. ^ Editor, LSE Web. "LSE appoints Deputy Governor of Bank of England as new Director - 09 - 2016 - News archives - News and media - Website archive - Home". Retrieved 2017-03-09.
  8. ^ "Bank of England deputy governor quits after two years".
  9. ^
  10. ^ Sherwin, Adam (26 May 2015). "Meet the woman who is more powerful than J.K Rowling and Kate Middleton". The Independent. Retrieved 9 March 2017.
  11. ^ "Schutz Alumni to run the London School of Economics". Schutz American School Alumni Association. 5 December 2016. Retrieved 25 February 2018.
  12. ^ "Nemat Shafik: A Local Heart with a Golden Mind". Retrieved 6 January 2012.
  13. ^ a b "LSE appoints Deputy Governor of Bank of England as new Director". The London School of Economics and Political Science. 12 September 2016. Retrieved 25 February 2018.
  14. ^ "Antonian appointed next Director of the LSE". St Antony's College, University of Oxford. 12 September 2016. Retrieved 25 February 2018.
  15. ^ Nemat, Shafik (1989). "Private investment and public policy in Egypt, 1960-1986". Oxford Research Archive. University of Oxford.
  16. ^ "Nemat Shafik [profile]". International Monetary Fund. 13 December 2013. Retrieved 18 March 2014.
  17. ^ "Conversations with History: Nemat Shafik". Retrieved 6 January 2012.
  18. ^ a b "Deputy Managing Director, IMF". The World Bank. 11 April 2011. Retrieved 25 February 2018.
  19. ^ "United Kingdom (2010) DAC Peer Review – Main Findings and Recommendations". Retrieved 6 January 2012.
  20. ^ "Nemat Shafik Biographical Information". Retrieved 28 July 2017.
  21. ^ "PBS Interview of Nemat Shafik". Retrieved 6 January 2012.
  22. ^ Shafik, N. (1994). "Economic development and environmental quality: an econometric analysis". Oxford Economic Papers: 757–773. doi:10.1093/oep/46.Supplement_1.757.
  23. ^ "Ideas 4 Development blogsite". Retrieved 6 January 2012.
  24. ^ "International Monetary Fund website". 26 April 2010. Retrieved 6 January 2012.
  25. ^ "Economic Research Forum website". Retrieved 6 January 2012.
  26. ^ "Civil Service Live Network Article – A working partnership". 7 April 2009. Archived from the original on 4 March 2012. Retrieved 6 January 2012.
  27. ^ Michael R. Bloomberg and Lawrence H. Summers Create Task Force to Address Preventable Leading Causes of Death and Noncommunicable Diseases Through Fiscal Policy Bloomberg Philanthropies, press release of January 18, 2018.
  28. ^ Staff. "Energy Sector Management Assistance Program website". Retrieved 6 January 2012.
  29. ^ "Water and Sanitation Program website". Retrieved 6 January 2012.
  30. ^ "The Cities Alliance website". Retrieved 6 January 2012.
  31. ^ "infoDev website". Retrieved 6 January 2012.
  32. ^ "Public-Private Infrastructure Advisory Facility (PPIAF) website". Retrieved 6 January 2012.
  33. ^ "Global Corporate Governance Forum website". Archived from the original on 9 January 2012. Retrieved 6 January 2012.
  34. ^ "Infrastructure Consortium for Africa website". Retrieved 6 January 2012.
  35. ^ "GG2 Leadership and Diversity Awards".
  36. ^ a b Ashton, James (22 June 2015). "Bank of England's Minouche Shafik: 'We want to make life difficult for the bad apples in banking'". Evening Standard.
  37. ^ Profile,; accessed 13 April 2016.


External links[edit]

Government offices
Preceded by
Dame Nicola Brewer
Director-General, Country Programmes at the
Department for International Development

Succeeded by
Sir Mark Lowcock
Preceded by
Sir Suma Chakrabarti
Permanent Secretary of the
Department for International Development

Succeeded by
Sir Mark Lowcock