Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Lagarde Announces Official Resignation from IMF


Tue 16 Jul 2019 | 07:26 PM
Taarek Refaat

International Monetary Fund (IMF) Managing Director Christine Lagarde proclaimed on Tuesday that she had officially submitted her resignation to the Fund.

Lagarde, 63, said in a statement her resignation will take effect on September 12. This comes two weeks after her nomination to be the next President of the European Central Bank (ECB), replacing current head Mario Draghi.

Lagarde has not urged her resignation because of the shadow of uncertainty concerning her approval by the new European Parliament.

She added that her resignation would expedite the choice for a new successor and will open the way for new skills to serve the IMF.

"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," she wrote in a statement.

Lagarde's second five-year term was due to end on July 2021. The "Finance Rock Star" was one of the few to hold such a position in IMF, which usually to an American.

Lagarde is a French lawyer, politician, and economist, who has served the IMF since 2011.

https://twitter.com/Lagarde/status/1151145858458693632