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Why I resigned my appointment as MD – IMF chief

The Managing Director, International Monetary Fund, Christine Lagarde, has tendered her resignation, which will take effect from September 12.

Christine Lagarde, announced in a statement on Tuesday that she had submitted her resignation from the IMF and it will go into effect in September.

“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,” Ms Lagarde said.

She noted in the letter that while the Executive Board would be taking the needed steps to proceed toward selecting a new managing director, David Lipton would remain the Fund’s acting managing director.

On July 9, the EU Economic and Financial Affairs Council adopted a formal recommendation to nominate Ms Lagarde as president of the European Central Bank.

Ms 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.

In the beginning of July, Ms Lagarde, in a statement, said she would relinquish her role as head of the IMF during the nomination process to be president of the European Central Bank.

Meanwhile, the executive board of the fund has accepted the resignation and said that it would begin a selection process promptly.

A statement from the executive board issued on Tuesday said, “Today the IMF executive board accepted Managing Director, Christine Lagarde’s resignation from the fund with effect from September 12, 2019.

“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.”

It added, “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.

“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 added that it had the utmost confidence in Mr David Lipton who would remain acting managing director of the fund in the interim period.

(NAN)

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