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Lagarde relinquishes IMF responsibilities, joins ECB as President.

ISLAMABAD -- The International Monitory Fund (IMF) Managing Director Christine Lagarde relinquished her responsibilities with the fund temporarily to join as President European Central Bank (ECB).

The decision of Lagarde has been accepted by the fund, according to IMF Executive Board press statement received here Wednesday following the nomination of Lagarde to the presidency of the ECB.

'We accept Ms. Lagarde's decision to relinquish her IMF responsibilities temporarily during the nomination period. We have full confidence in First Deputy Managing Director David Lipton as Acting Managing Director of the IMF,' the statement added.

Earlier, in her statement Lagarde said that she had decided to temporarily relinquish her responsibilities as MD IMF during the nomination period.

'I am honored to have been nominated for the Presidency of the European Central Bank. In light of this, and in consultation with the Ethics Committee of the IMF Executive Board, I have decided to temporarily relinquish my responsibilities as Managing Director of the IMF during the nomination period,' she said.

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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:Jul 4, 2019
Words:205
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