IMF accepts Lagarde’s resignation, begins replacement process


The Executive Board of the International Monetary Fund (IMF) on Tuesday accepted the resignation of the Managing Director, Christine Lagarde from the Fund with effect from September 12, 2019.

Ms. Christine Lagarde who was appointed in 2011, had earlier issued statement in which she said she had met with the Executive Board and submitted her resignation from the Fund with effect from September 12, 2019.

“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,” she said.

The Executive Board expressed appreciation for Lagarde’s services, stating that 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.”

“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.”

Lagarde, who was born in 1956, is a lawyer, politician and economist and was appointed Managing Director in 2011.