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IMF Head Christine Lagarde Resigns To Pursue European Central Bank Nomination

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The Managing Director of the International Monetary Fund, Christine Lagarde, announced that she is resigning. Lagarde is pursuing her nomination to lead the European Central Bank. Her resignation takes effect on September 12th Naija News understands.

Lagarde broke the news of her resignation via a twitter handle, she tweeted:4

“Today I informed the #IMF Board that I will resign as Managing Director of the International Monetary Fund, effective September 12. It has been a privilege to serve our 189 member countries with the devoted staff of this institution.”

Since the creation of the IMF and World Bank in 1945, the United States and Europe who hold the controlling votes of the financial institutions, had a “gentleman’s agreement” that the head of the World Bank should be an American and the head of the IMF should be a European.