Managing Director of International Monetary Fund (IMF), Ms Christine Lagarde on Tuesday announced she would be leaving the organisation effective September 12.

She would be taking over as head of European Central Bank (ECB).

In a statement she released, Lagarde who had on July 2, temporarily relinquished the position t contest the ECN leadership said “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.

“The Executive Board will now be taking the necessary steps to move forward with the process for selecting a new Managing Director, David Lipton remains our Acting Managing Director.”

According to Ms Christine Lagarde , IMF will communicate on the Executive Board’s process of selecting a new Managing Director in due course.

Mr. David Lipton remains Acting Managing Director.

Meanwhile, the Fund’s Executive Board also issued a statement on Tuesday saying it had accepted Lagarde’s resignation from the Fund with effect from September 12, 2019.

“We would like to express our greatest appreciation for all that Managing Director Lagarde has done 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.