The chief economist of the International Monetary Fund (IMF), Gita Gopinath, will step down in January next year, the global financial institution said on Friday.

Gopinath returns to the economics department at prestigious Harvard University.

Prominent Indo-American economist Gopinath, 49, joined the IMF as chief economist in January 2019.

She was John Zwaanstra Professor of International Studies and Economics at Harvard University, when she joined the Washington-based global lender.

IMF Managing Director Kristalina Georgieva said on Tuesday that the search for Gopinath’s successor would begin shortly.

“Gita’s contribution to the Fund and to our members has been truly remarkable – quite simply, its impact on the work of the IMF has been enormous,” Georgieva said.

Born in Mysuru, Gopinath was the IMF’s very first female chief economist. She was also director of the IMF’s Research Department.

Harvard University exceptionally extended his leave for one year, which allowed him to serve as chief economist at the IMF for three years.

“She made history as the Fund’s first female chief economist and we have benefited immensely from her keen intelligence and in-depth knowledge of international finance and macroeconomics as we navigate the worst economic crisis since 2014. Great Depression.

“Gita has also earned the respect and admiration of her colleagues in the Fund’s research department and all members for leading rigorous analytical work and policy relevant projects with high impact and influence,” said said Georgieva.

The IMF said that as part of his many important initiatives, Gopinath co-authored the “Pandemic Paper” on How to End the COVID-19 Pandemic which sets globally approved targets for immunizing the world.

This work led to the establishment of the Multilateral Task Force comprised of the leaders of the IMF, World Bank, World Trade Organization and World Health Organization to help end the pandemic and the Establishment of a working group with vaccine manufacturers to identify trade barriers, bottlenecks and accelerated delivery of vaccines to low- and lower-middle-income countries, the IMF said in a statement.

Among his other key accomplishments, Gopinath helped set up a climate change team within the IMF to analyze, among other things, optimal climate change mitigation policies.

“I would like to express my personal gratitude to Gita for his impressive contributions, his always wise advice, his dedication to the mission of the Research Department and the Fund in general, as well as for his widely recognized inclusive and accessible approach towards his colleagues and its staff. Georgieva added.

Later, in a tweet, Gopinath thanked his colleagues for making his time at the IMF truly rewarding.

“My immense gratitude to all of my amazing colleagues at @IMFNews who make the work at the IMF truly rewarding. I look forward to continuing to work with them for the next few months before I return to @Harvard,” she wrote.

Born in December 1971 to Malayalee parents, Gopinath was educated in Kolkata and graduated from Lady Shri Ram College of Commerce in Delhi. She obtained a master’s degree from the Delhi School of Economics and the University of Washington.

Gopinath received her doctorate in economics from Princeton University in 2001 and she was guided by Kenneth Rogoff, Ben Bernanke and Pierre-Olivier Gourinchas.

She joined the University of Chicago in 2001 as an assistant professor before moving to Harvard in 2005. She became a full professor there in 2010.

She is the third woman in Harvard history to be a full professor in its prestigious economics department and the first Indian since Nobel laureate Amartya Sen to hold that post. (With PTI inputs)