TIL Desk/World/Washington/ Following Christine Lagarde’s formal resignation from IMF, the Fund’s Executive Board has said it will initiate promptly the process of selecting the next Managing Director. Lagarde on Tuesday announced that she formally submitted her resignation from the IMF position with effect from September 12, 2019.
Two weeks ago, Lagarde was nominated for the presidency of the European Central Bank (ECB), as part of the European Union (EU) leaders’ agreement on the future leadership of top EU institutions. She then decided to temporarily step down from the IMF leadership during the nomination period.
“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,” Lagarde said in a statement released Tuesday.
