The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has resigned from her post, following the announcement that she is one of the nominees to become the head of the European Central Bank.
Lagarde is set to leave her current role of 12th September.
She issued the following statement yesterday: “I have met with the Executive Board and submitted my resignation from the Fund with effect from September 12 2019. The relinquishment of my responsibilities as Managing Director announced previously will remain in effect until then. With greater clarity now on the process for my nomination as ECB President and the time it will take, I have made this decision in the best interest of the Fund, as it will expedite the selection process for my successor.
“The Executive Board will now be taking the necessary steps to move forward with the process for selecting a new Managing Director. David Lipton remains our Acting Managing Director.”
The IMF then released this statement: “Today the IMF Executive Board accepted Managing Director Christine Lagarde’s resignation from the Fund with effect from September 12, 2019.
“We would like to express our greatest appreciation for all that Managing Director Lagarde has done for the institution. Her legacy of achievements has made a lasting imprint on the Fund. Under her guidance, the Fund successfully helped its members navigate a complex and unprecedented set of challenges, including the impact of the global financial crisis and its aftershocks.”