Christine Lagarde Resigns as IMF Chief

By Dipo Olowookere

Managing Director of the International Monetary Fund (IMF), Ms Christine Lagarde, has announced her resignation from the global lender.

In a statement on Tuesday, the French economist said she has communicated her decision to exit the organization to the Executive Board.

Ms Lagarde is leaving the IMF in anticipation of being the next President of the European Central Bank (ECB).

“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,” she said in the statement.

Meanwhile, Mr David Lipton has been announced as the Acting Managing Director of the IMF as efforts are being made to select a new Managing Director in due course.