Christine Lagarde resigns as IMF chief

International Monetary Fund (IMF) chief, Christine Lagarde, announced on Tuesday in a statement that she has submitted her resignation, adding that she now has more clarity about her nomination to be the next head of the European Central Bank (ECB).

“The resignation, effective Sept. 12, will open the way for the IMF to launch the search for my successor,” Lagarde said.

"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," she added.

She said her resignation would expedite the selection for the next head of the IMF.

Lagarde's resignation comes two weeks after her nomination on July 2 for the ECB's top job.

While a vote from the European Parliament is needed, Lagarde’s appointment will be finalized by EU leaders at a regular summit on October 17-18.