WASHINGTON, DC - The International Monetary Fund (IMF) has intiiated a process to find a new managing director following the resignation of Christine Lagarde on Tuesday.

Ms Legarde, in a statement, said she had met with the Executive Board of the IMF on Tuesday and submitted her resignation, which will enable her to concentrate on the process of her nomination to become the head of the European Central Bank (ECB).

"I have met with the Executive Board and submitted my resignation from the Fund with effect from September 12, 2019," she said. "The relinquishment of my responsibilities as Managing Director announced previously will remain in effect until then. 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, as it will expedite the selection process for my successor."

The board of the IMF later issued a statement praising Ms. Lagarde and advising the course the IMF is on to replace her.

"Today the IMF Executive Board accepted Managing Director Christine Lagarde's resignation from the Fund with effect from September 12, 2019," the statement said.

"We would like to express our greatest appreciation for all that Managing Director Lagarde has done for the institution. Her legacy of achievements has made a lasting imprint on the Fund. Under her guidance, the Fund successfully helped its members navigate a complex and unprecedented set of challenges, including the impact of the global financial crisis and its aftershocks."

"The Fund has excelled in serving its entire membership over the course of her tenure with cutting-edge policy advice supported by ground-breaking analytical work on a range of macro-critical issues. Her stewardship has been exceptional, and we are grateful for her innovative and visionary leadership," said the IMF Executive Board statement.

"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 Executive Board has the utmost confidence in Mr. David Lipton, who remains Acting Managing Director of the Fund in the interim period."

(Photo credit: Reuters).