Logo of Phnom Penh Post newspaper Phnom Penh Post - IMF to begin search for new head as Lagarde steps down

IMF to begin search for new head as Lagarde steps down

Content image - Phnom Penh Post
International Monetary Fund chairwoman since 2011, Christine Lagarde is set to step down on September 12. JEAN-CHRISTOPHE VERHAEGEN/AFP

IMF to begin search for new head as Lagarde steps down

Christine Lagarde will resign from the International Monetary Fund (IMF) on September 12 as she awaits final word on her nomination to the presidency of the European Central Bank (ECB), she announced on Tuesday.

“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,” Lagarde said.

EU leaders early this month picked Lagarde to succeed ECB chief Mario Draghi, whose single, eight-year term ends in November.

Lagarde stepped away from the IMF leadership post she has held since 2011, sparking a wave of speculation about who would replace her.

The IMF board tapped her number two, the US’ David Lipton, to serve as interim managing director, but by tradition a European always leads the fund while an American runs its sister institution, the World Bank.

“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 IMF board said in a statement.

Early candidates mentioned as possible successors to Lagarde include Mark Carney, a Canadian who also holds British and Irish citizenship and whose term as leader of the Bank of England is up in January; French politician Pierre Moscovici, who is the EU finance commissioner, and former British finance minister George Osborne.

MOST VIEWED

  • PM orders immediate action against ‘sexy’ live streamers

    Prime Minister Hun Sen on Monday ordered immediate action against women who live stream their sales pitches on Facebook wearing revealing clothing. The prime minister said the practice erodes traditional Cambodian values and disgraces women. Hun Sen gave the order to officials attending the Cambodian

  • Tourist area greenlit in Sihanoukville

    The National Committee for Coastal Management and Development will coordinate with relevant ministries over the establishment of a billion-dollar tourist area named Neak Reach in Preah Sihanouk province after it was proposed by the Ministry of Tourism. The Ministry of Land Management, Urban Planning and

  • Hun Sen defends decision to dock Westerdam cruise ship

    Prime Minister Hun Sen on Thursday hit back at critics who say he allowed the Westerdam cruise ship to dock in Sihanoukville for political reasons. Speaking at an annual gathering of the Ministry of Interior, Hun Sen said he acted to avert a humanitarian catastrophe

  • Cool heads will defeat Covid-19

    Since Covid-19 was first reported as a world health issue, cruise ships have been the worst to suffer after airlines. The experiences of those who were initially trapped on the Covid-19-stricken Diamond Princess are unimaginable. The cruise ship was rejected from docking at one

  • Affordable housing project in Kandal nearing completion

    Worldbridge Homes Co Ltd’s $73 million affordable housing project in Kandal province’s Koh Kor village, in Sa’ang district, is on track to be completed at year’s end or at the beginning of next year, its general manager Yuk Sothirith told The Post

  • Crimes up with 211 deaths, influx of foreigners to blame

    Minister of Interior Sar Kheng on Wednesday said crimes increased by eight per cent last year, resulting in 211 deaths. He revealed the figures during the ministry’s 2019 review and laid the blame for the increase on an influx of foreigners into the Kingdom. “The crime