Christine Lagarde resigns as IMF boss

Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has announced that she would be leaving her position.

In a statement on Tuesday, Ms Lagarde said her resignation would be effective in September.

He resignation follows her nomination by the EU Economic and Financial Affairs Council to fill the position of 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,” Lagarde said.

“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.”

She said David Lipton would remain IMF’s acting managing director while the executive board finds her replacement.

Lagarde’s nomination will now be discussed by the ECB governing council and the European Parliament, and the final appointment by European Council in October.