Why Christine Lagarde resigned as IMF boss

Ms Christine Lagarde, the Managing Director, International Monetary Fund (IMF)
Ms Christine Lagarde, the Managing Director, International Monetary Fund (IMF)

By Folasade Akpan

Ms Christine Lagarde, the Managing Director, International Monetary Fund (IMF), has resigned, the IMF says.

The Executive Board of the fund said this in a statement issued by it on Tuesday in Washington D.C., adding that it has accepted Lagarde’s resignation with effect from Sept. 12.

“We would like to express our greatest appreciation for all that 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 board added that the fund had 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.

It also said that her stewardship had been exceptional, adding that it was grateful for her innovative and visionary leadership.

“With this decision by 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.”

Lagarde’s resignation comes ahead of a decision on her nomination to become head of the European Central Bank (ECB).

The 63-year-old former French cabinet minister, who began her career as a lawyer, has been head of the IMF since 2011.

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