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IMF Managing Director Lagarde resigns in advance of ECB post

By CHRISTOPHER RUGABERJuly 16, 2019 GMT

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FILE - In this Thursday, Jan. 4, 2019 file photo, International Monetary Fund Managing Director Christine Lagarde, attends a session of the annual meeting of the World Economic Forum in Davos, Switzerland. European Union leaders on Tuesday, July 2, 2019, after a lengthy session of talks, have nominated Christine Lagarde as a candidate for the post of European Central Bank president. (AP Photo/Markus Schreiber, File)

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WASHINGTON (AP) — Christine Lagarde is resigning as managing director of the International Monetary Fund in light of her nomination to be the next president of the European Central Bank.

Lagarde has already given up her day-to-day duties as head of the IMF, and the international lending agency has named a top deputy, David Lipton, as acting managing director.

Legarde said in a prepared statement Tuesday, “I have made this decision in the best interest of the Fund, as it will expedite the selection process for my successor.”

Lagarde said her resignation will be effective on Sept. 12.

Lagarde took over the IMF after her predecessor, Dominique Strauss-Kahn, was ensared in sexual assault allegations. As managing director, she coordinated large bailout loans for Greece in concert with the ECB and European Union.