WASHINGTON, Aug 22: IMF chief economist Raghuram Rajan said on Tuesday he was stepping down early next year to return to his professorship at the University of Chicago.

The International Monetary Fund’s economic counsellor said he had asked the university to extend his three-year leave of absence when it expires in early 2007, but that it had declined.

“It is with regret, therefore, that I have told the managing director (Rodrigo Rato) that I would like to return to the University of Chicago by early next year,” the Indian-born IMF economist said.—AFP