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Lagarde said in a statement Tuesday that she notified the IMF board of her planned departure. She had already suspended her duties after being nominated by EU leaders for the ECB post this month.
The September timing ties in with the "most likely date" her European Parliament confirmation hearing for the ECB position, Lagarde said in her letter to the IMF's executive board.
David Lipton will remain acting managing director of the IMF until Lagarde is replaced.
"I have made this decision in the best interest of the Fund, as it will expedite the selection process for my successor," Lagarde said in the statement. She is set to take over from incumbent ECB President Mario Draghi on November 1, the day after his eight-year contract ends.
“With this decision by Managing Director Lagarde, the IMF Executive Board will initiate promptly the process of selecting the next Managing Director and will communicate in a timely fashion,” the Washington body said in a separate statement. The statement expressed the board's “greatest appreciation” for all that Lagarde “has done for the institution.” [...]