IMF accepts resignation of Lagarde

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The International Monetary Fund (IMF) says  it has accepted the resignation of its Managing Director Christine Lagarde and will promptly initiate a search for her replacement.

IMF’s Executive Board made this known in a statement on Tuesday.

“Today the IMF Executive Board accepted Managing Director Christine Lagarde’s resignation from the Fund with effect from Sept. 12, 2019.

“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,” the board said.

News Agency of Nigeria (NAN) reports that on June 28, 2011, Lagarde was named as the next Managing Director of the IMF for a five-year term, starting on July 5, 2011, replacing Dominique Strauss-Khan.

Her appointment is the 11th consecutive appointment of a European to head the IMF.

In 2014, Lagarde was ranked the 5th most powerful woman in the world by Forbes magazine.

She was reelected by consensus for a second five-year term, starting July 5, 2016, being the only candidate nominated for the post.

In Dec. 2016, a French court found her guilty of negligence for her role in the Bernard Tarpie arbitration, but did not impose a penalty.

In 2018, Forbes ranked her number three on its World’s 100 Most Powerful Women list.

On July 2, 2019, she was nominated by the European Council to succeed Mario Draghi asb President of the European Central Bank on Nov. 1, 2019.

After consultations with the European Parliament, Lagarde is about to be the first woman in the position of President of the European Central Bank.