IMF Chief submits resignation starting from Sept.

WASHINGTON, July 16 (KUNA) -- Managing Director of the International Monetary Fund (IMF) Christine Lagarde announced Tuesday her resignation effect from September of this year.
Lagarde said in a statement that she met with the Executive Board and submitted her 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," she added.
She noted that "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," she remarked.
The European Union Council officially nominated earlier this month Lagarde to become the next president of the European Central Bank, where she would succeed Mario Draghi. (end) si.mt