The Managing Director, International Monetary Fund, Christine Lagarde, has tendered her resignation, which will take effect from September 12.

A statement from the executive board issued on Tuesday said, “Today the IMF executive board accepted Managing Director, Christine Lagarde’s resignation from the fund with effect from September 12, 2019.

“We would like to express our greatest appreciation for all that managing director 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.”

It added, “The fund has 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. Her stewardship has been exceptional, and we are grateful for her innovative and visionary leadership”.

The executive board further stated that with this decision by Managing Director 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 added that it had the utmost confidence in Mr David Lipton who would remain acting managing director of the fund in the interim period.