Large resigns as IMF managing director

Christine Lagarde has officially resigned her appointment as the Managing Director of International Monetary Fund (IMF).

In a statement released on Tuesday, Lagarde said her resignation will be effective from September 12.

The 63-year-old was appointed to lead the Bretton Wood institution in 2011, but got re-elected for a second term in 2016. “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 European Central Bank (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.” Lagarde had previously stepped aside temporarily from her position at the IMF after she was nominated as  president of the ECB.

David Lipton, the first deputy managing director, has been the acting managing director. IMF’s executive board has accepted her resignation, announcing that the process of selecting the next managing director would begin promptly.