IMF hunts for a new Chief, as Christine Lagarde steps down

The International Monetary Fund (IMF) is hunting for a new Chief, following the resignation of its Managing Director (MD), Christine Lagarde.

Lagarde had on Tuesday, July 16, 2019, announced her resignation as the MD of IMF. According to the announcement, her registration will take effect from Thursday, September 12, 2019.

“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.”

Christine Lagarde, IMF

Following the resignation of Lagarde, the IMF Board, in its timely fashion, will announce the next MD. Though the appointment of her successor is yet to be finalised, the IMF Board had expressed its utmost confidence in David Lipton, who was on Tuesday, July 2, 2019, appointed an interim MD.

Likely successor: Lagarde, who has held the IMF leadership post since 2011, sparked a wave of speculation regarding her successor, should she tender her resignation.

In this view, early candidates mentioned as possible successors to Lagarde are the leader of the Bank of England, Mark Carney, a Canadian who also holds British and Irish citizenship; French politician, Pierre Moscovici, who is the EU Finance Commissioner, and former British Finance Minister, George Osborne.

What influenced Lagarde’s resignation: About 2 weeks ago, the EU Economic and Financial Affairs Council adopted a formal recommendation to nominate Lagarde as President of the European Central Bank (ECB).

Following the adoption, Lagarde’s nomination is being discussed by the ECB Governing Council and the European Parliament, as the final appointment by European Council will be made in October.

Lagarde had however made known that she would relinquish her role as Head of the IMF during the nomination process to be President of the ECB.

Source: Nairametrics

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