International Monetary Fund (IMF) has accepted the resignation of its Managing Director, Christine Lagarde.
The Fund also said it would immediately launch a search for her replacementIMF’s Executive Board, in a statement on Tuesday, said:
“Today the IMF Executive Board accepted Managing Director Christine Lagarde’s resignation from the Fund with effect from September 12, 2019.
“With this decision by Managing Director Lagarde, the IMF Executive Board will initiate promptly the process of selecting the next Managing Director and will communicate in a timely fashion. The Executive Board has the utmost confidence in Mr. David Lipton, who remains Acting Managing Director of the Fund in the interim period.
“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.”
Lagarde had earlier on Tuesday announced her resignation from the IMF effective from September.
The Fund also commended Lagarde for her “innovative and visionary leadership.”
It would be recalled that on July 9, the European Union Economic and Financial Affairs Council adopted a formal recommendation to nominate Lagarde as president of the European Central Bank.
Her nomination would now be discussed by the ECB governing council and the European Parliament, and the final appointment by European Council in October.
Lagarde had said in early July that she would relinquish her role as head of the IMF during the nomination process to become president of the European Central Bank.
● With Agency reports
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