Christine Lagarde resigns as head of IMF following ECB nomination

French politician Christine Lagarde on Tuesday said she will resign as the Managing Director of International Monetary Fund with effect from September 12. She has been nominated by the European Council as President of the European Central Bank. Her resignation has been accepted by the IMF Executive Board with effect from September 12.

 "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," Lagarde said in a statement.

Today I informed the #IMF Board that I will resign as Managing Director of the International Monetary Fund, effective September 12. It has been a privilege to serve our 189 member countries with the devoted staff of this institution. https://t.co/WLso6ydrTE

— Christine Lagarde (@Lagarde) July 16, 2019

David Lipton remains the IMF Acting Managing Director in the interim period. In a separate statement, IMF Executive Board said it has accepted the resignation of Lagarde and expressed its "greatest appreciation" for what she did 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. 

(With PTI inputs)