04:49 GMT +307 December 2019
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    International Monetary Fund (IMF) Managing Director Christine Lagarde arrives to deliver a speech at the Solvay Library in Brussels, Belgium April 12, 2017.

    IMF Accepts Lagarde's Resignation, Initiates Search for Replacement - Board

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    WASHINGTON (Sputnik) -The International Monetary Fund (IMF) has accepted the resignation of Managing Director Christine Lagarde and will promptly launch a search for her replacement, the IMF's Executive Board said in a statement on Tuesday.

    "Today the IMF Executive Board accepted Managing Director Christine Lagarde’s resignation from the Fund with effect from September 12, 2019", the statement said. "With this decision by Managing Director Lagarde, the IMF Executive Board will initiate promptly the process of selecting the next Managing Director and will communicate in a timely fashion. The Executive Board has the utmost confidence in Mr. David Lipton, who remains Acting Managing Director of the Fund in the interim period".

    Earlier on Tuesday, Lagarde announced that she has submitted her resignation from the IMF and it will go into effect in September.

    "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", the Board said. "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 also expressed gratitude for Lagarde's "innovative and visionary leadership".

    On 9 July, the EU Economic and Financial Affairs Council adopted a formal recommendation to nominate Lagarde as president of the European Central Bank.

    Lagarde's nomination will now be discussed by the ECB governing council and the European Parliament, and the final appointment by European Council in October. In the beginning of July, Lagarde said she would relinquish her role as head of the IMF during the nomination process to be president of the European Central Bank.

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    The European Central Bank (ECB), International Monetary Fund, Christine Lagarde
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