Christine Lagarde resigns from IMF as she aims at ECB top job

The Managing Director of the International Monetary Fund (IMF) has resigned. Ms. Christine Lagarde whose resignation takes effect on September 12, 2019 sent her letter to the Executive Board of the Fund today, July 16, 2019.

Ms. Lagarde has been nominated to head the European Central Bank (ECB), and she believes her resignation from the IMF, will give the Fund the time to find her successor.

“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,” she wrote.

Accepting Ms. Lagarde’s resignation, the Board wrote the following:

“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 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.”

Ms. Lagarde who was first appointed Managing Director on July 5, 2011, was given a second term in January 2016 to continue to serve as the Managing Director for another five years starting in July 2016. She was due to have completed her second term in 2021.

As the Executive Board starts the process to select a new Managing Director, David Lipton will continue to act as the Managing Director of the IMF.

By Emmanuel K. Dogbevi
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