Lagarde said in a statement her resignation was effective September 12, opening the way for the IMF to choose its next leader. “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,” she said in a statement. Lagarde’s ECB nomination thrusts IMF into early succession raceShe said her resignation would expedite the selection of her successor. If approved, she would take over as ECB president from Mario Draghi on Oct. 31. Lagarde’s second five-year term as IMF managing director was not due to end until July 2021.

Source: The Express Tribune July 16, 2019 15:33 UTC