Uche Usim, Abuja
Ms Christine Lagarde, the Managing Director of the International Monetary Fund (IMF) on Tuesday announced her resignation from the international body effective September 12.
The decision springs from her nomination to succeed Mario Draghi as President of the European Central Bank on July 2.
In a statement, Lagarde said she had made the decision to quit in order to create room for the quick appointment of her successor.
She said: “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 Fund will communicate on the Executive Board’s process of selecting a new Managing Director in due course. Mr. David Lipton remains Acting Managing Director.
Ms Lagarde’s nomination triggered the temporary handover of her duties to David Lipton, who is acting as managing director of the IMF.
This arrangement will continue while the fund’s executive board selects a new head.
Commenting, the IMF’s executive board said: “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 an unprecedented set of challenges, including the impact of the global financial crisis and its aftershocks.
“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.”
