*** ----> IMF chief Christine Lagarde resigns following ECB nomination | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

IMF chief Christine Lagarde resigns following ECB nomination

Christine Lagarde submitted her resignation as managing director of the International Monetary Fund yesterday following her nomination to serve as the next European Central Bank chief.

Ms Lagarde, who was nominated earlier this month to succeed Mario Draghi starting in the fall, had subsequently suspended her role running the IMF. Her resignation will take effect on September 12 and begins the process of finding her replacement at the Washington-based group.

“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,” Ms Lagarde said in a statement.

The IMF executive board said it will “initiate promptly the process of selecting the next Managing Director and will communicate in a timely fashion”. David Lipton will remain acting managing director. “We would like to express our greatest appreciation for all that Managing Director Lagarde has done for the institution,” the board said.