Photo: ReutersInternational Monetary Fund chief Christine Lagarde submitted her resignation from the global crisis lender on Tuesday, citing more clarity about her nomination to lead the European Central Bank as European legislators approved a new top bureaucrat. She said her resignation would expedite the selection for the next head of the IMF. Kristalina Georgieva, a Bulgarian national who is currently chief executive officer of the World Bank, has been seen as having an outside chance, according to some IMF sources. INCLUSIVE LEGACYA former French finance minister, Lagarde was the first woman to head the IMF and was known among policymakers as a tough negotiator. If approved, Lagarde would take over as ECB president from Mario Draghi on Oct. 31.

Source: Otago Daily Times July 16, 2019 18:45 UTC