IMF managing director, Lagarde, explains why she’s quitting

The Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, has explained why she is quitting the global financial institution.

In her statement today, she said, “I have met with the Executive Board and submitted my resignation from the Fund with effect from September 12, 2019.

“The relinquishment of my responsibilities as managing director announced previously will remain in effect until then.”

Explaining why she resigned her appointment the head honcho of the IMF, she noted, “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.

“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.“

The financial institution said it would communicate on the executive board’s process of selecting a new managing director in due course as Lipton acts in that capacity.