Vahram Stepanyan replaced Goesta Ljungman as Resident Representative of the International Monetary Fund (IMF) for Ukraine, the IMF said on Wednesday.

According to the report, Stepanyan started work on June 28.

According to the press service of the IMF Resident Representative Office, Ljungman is returning to the headquarters of the IMF after four years serving as the resident representative of the IMF for Ukraine.

The change of resident representatives is an established practice of the IMF staff rotation. Mr. Stepanyan, an Armenian national, has been working in the IMF since 2008, the press service said.

As stated on the IMF website, Stepanyan worked at the IMF in a wide range of countries. In his most recent assignment, he was the lead desk economist on the UAE. Stepanyan has worked on monetary, fiscal, and structural reforms in Albania, Montenegro, Hungary, Romania, Oman and many other countries. Prior to joining the IMF, Stepanyan worked with the World Bank.

The current resident representative of the IMF in Ukraine degrees in economics, business administration, and finance from Armenia State University of Economics, American University of Armenia, and University of London, respectively.