Lagarde Quits As IMF MD, Heads ECB

Tayo Olanipekun

Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has resigned from her position as the Brenton Woods institution boss, effective from September 12.

This follows her nomination as the European Community Bank (ECB) President last month, leading to the relinquishment of her roles before now as the IMF MD.

David Lipton will remain the Acting Managing Director.

In a statement made available to National Wire on Tuesday, Lagarde said there was more clarity on her nomination as the ECB President and that more time would elapse before she assume the new role.

“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 statement read.

It added that the Executive Board will now be taking the necessary steps to move forward with the process for selecting a new Managing Director, result of which is to be made public in due course, with Lipton still in the Acting MD.

Meanwhile, the IMF Executive Board said it has accepted  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,” the Board said in a separate statement on Tuesday

It applauded Lagarde for making the Fund excel 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,” said the Board.