Christine Lagarde: IMF's 1st female chief resigns after 8 years

- Lagarde announced decision to step down on Tuesday following her nomination as the European Central Bank's next president

 - The French national who started her career as a lawyer has been the Fund's managing director since 2011 

- David Lipton was picked to serve as the Fund's managing director in an acting capacity as IMF board kicked off a process of finding Lagarde's successor 

International Monetary Fund (IMF)'s managing director Christine Lagarde, also famously known as as the "rock star" of international finance, has resigned. 

The 63-year-old Lagarde who was the Fund's first female boss tendered her resignation letter on Tuesday, July 16, following her nomination to serve as the next European Central Bank chief. 

In a statement available to hrlnews.com, Lagarde explained she made the decision to step down in the best interest of the Washington-based Fund owing to her nomination to take over from European Central Bank's Mario Draghi as the financial institution's new president.

“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. 

"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," said the French national who started her illustrious career as a lawyer. 

Confirming her resignation, the IMF executive board said it will initiate promptly the process of finding Lagarde's replacement. 

“We would like to express our greatest appreciation for all that 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,” the board said.

Meanwhile, David Lipton will serve as the Fund's managing director in an acting capacity. 

Madam Lagarde as some people prefer to call her was appointed IMF's boss in July 2011 for a five year term which was renewed in July 2016. 

She served as French finance minister from June 2007 before her appointment to head the international financial institution.

 Lagarde also had an extensive career as an anti-trust and labour lawyer and was a partner with the international law firm of Baker & McKenzie where she doubled as chairperson until June 2005. 

She has degrees from Institute of Political Sciences (IEP) and from the Law School of Paris X University where she also lectured prior to joining Baker & McKenzie in 1981. 

Meanwhile, hrlnews.com previously reported that the IMF expressed a renewed confidence in the Nigerian economy, as its executive directors welcomed Nigeria’s ongoing economic recovery, accompanied by reduced inflation and strengthened reserve buffers. 

According to its media chief for Africa, Lucie Mboto Fouda, in a statement on Wednesday, April 3, IMF noted Nigeria’s real GDP increased by 1.9% in 2018, up from 0.8% in 2017. 

“This is on the back of improvements in manufacturing and services, supported by spillovers from higher oil prices, ongoing convergence in exchange rates and strides to improve the business environment," IMF said. 
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