Christine Lagarde resigns as IMF chief

She has been nominated by the European Council as President of the European Central Bank. Her resignation has been accepted by the IMF Executive Board with effect from September 12.

"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," Lagarde said in a statement.

David Lipton remains the IMF Acting Managing Director in the interim period.

In a separate statement, IMF Executive Board said that it has accepted the resignation of Lagarde and expressed its "greatest appreciation" for what she did 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.