IMF chief Christine Lagarde resigns

IMF chief Christine Lagarde resigns
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International Monetary Fund (IMF) chief Christine Lagarde announced her resignation from the global body on Tuesday.

“I have met with the Executive Board and submitted my resignation from the Fund with effect from September 12, 2019," she said in a statement. "The relinquishment of my responsibilities as Managing Director announced previously will remain in effect until then."

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The resignation comes after Lagarde was tapped earlier this month to be the next president of the European Central Bank (ECB).

"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 Tuesday.

Lagarde's nomination is still subject to approval by the European Council, a group of 28 European heads of state.

She assumed her role leading the IMF in 2011, taking the helm of the international lender as the global economy struggled to rebuild after the 2008 recession.

Lagarde led the French government’s ministries of the Economy; Finance and Industry; Agriculture and Fishing; and Commerce before joining the IMF.

If confirmed as ECB president, she would be the first women to head the organization, which manages the monetary of 19 Eurozone nations, since its formation in 1998.