The Managing Director of the International Monitory Fund
(IMF), Ms. Christine Lagarde has resigned.
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Ms. Lagarde made her resignation notice known in a statement
she released on Tuesday on the official website of the fund where she wrote:
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"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.
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"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 DirectorÔÇØ.
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Meanwhile, the Executive Board following Largade's
resignation issued a statement Tuesday, accepting her decision.
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"Today the IMF Executive Board accepted Managing Director
Christine Lagarde's resignation from the Fund with effect from September 12,
2019.
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"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.
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"The Fund has excelled in serving its entire membership over
the course of her tenure with cutting-edge policy advice supported by
ground-breaking analytical work on a range of macro-critical issues. Her
stewardship has been exceptional, and we are grateful for her innovative and
visionary leadership.
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"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 periodÔÇØ, the Board announced. (DP)
