Christine Lagarde resigns ahead next World Bank/IMF meetings

Christine Lagarde resigns ahead next World Bank/IMF meetings

Christine Lagarde

…Sets to head European Central Bank

Motolani Oseni

Ahead of the 2019 Annual World Bank Group and the International Monetary Fund (IMF) Meetings in October, the Managing Director of IMF, Ms Christine Lagarde, on Tuesday, announced her resignation from the organisation effective September 12th, 2019.

Lagarde, who had on July 2, temporarily relinquished the position to contest the European Central Bank (ECB) leadership, would be taking over as head of the Bank.

In a statement on Tuesday, she said: “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.

“The Executive Board will now be taking the necessary steps to move forward with the process for selecting a new Managing Director, David Lipton, remains our Acting Managing Director.”

According to her, the IMF will communicate on the Executive Board’s process of selecting a new Managing Director in due course, as Mr. David Lipton remains Acting Managing Director.

The Fund’s Executive Board also issued a statement on Tuesday saying it had accepted Lagarde’s resignation from the Fund with effect from September 12, 2019.

“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.

“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.

Meanwhile, the next global institutions meetings are scheduled to hold in Washington, D.C United State of America from Friday 18th to Sunday 20th of October.

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