Christine Lagarde Resignes as Firector of the IMF

Christine Lagarde resigned as director of the International Monetary Fund (IMF). The decision will enter into force on September 12. This is said in a statement by Lagard, distributed by the financial institution.

"I met the Executive Board and applied for resignation, which will come into force on September 12. The refusal of my commitments, which was announced earlier, will remain in force until now," the statement said. Lagarde has decided to resign "in the interest of the fund because it will speed up the process of choice" to her successor.

"The Executive Council will now take the necessary steps to move the process of electing a new director, and David Lipton will remain our acting director," she said.

At the EU summit on 2 July, Lagarde's nomination was elected President of the European Central Bank. In that regard, Lagarde announced on the same day that she would temporarily suspend her job as a director.

Earlier, Reuters announced she had not resigned immediately because she was not convinced that her candidacy would be approved by the European Parliament.

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