Following the appointment of Christine Lagarde to head the European Union Central Bank (EUCB), on 17th July 2019, she tendered her resignation from the position of Managing Director, International Monetary Fund (IMF). However, the resignation will take effect from September 12, 2019.
In a statement from the executive board issued on Tuesday 16th July 2019 which reads "Today, the IMF executive board accepted Managing Director, Christine Lagarde’s resignation from the fund with effect from September 12, 2019.
The statement reads further "We would like to express our greatest appreciation for all that Managing Director (MD) 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.”
Furthermore, the development has compelled the IMF executive board to initiate promptly the process of selecting the next Managing Director and will communicate to the public in a timely fashion.”
Also, the executive board added that it had the utmost confidence in Mr David Lipton who would remain acting Managing Director of the fund (IMF) in the interim period.