Christine Lagarde resigns as IMF Managing Director

French politician Christine Lagarde on Tuesday said she will resign as the Managing Director of the International Monetary Fund with effect from September 12 after helping its members navigate an unprecedented set of challenges, including the impact of the global financial crisis and its aftershocks.

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.