WASHINGTON -- International Monetary Fund (IMF) Executive Board said on Tuesday that it will initiate promptly the process of selecting the next managing director, after Christine Lagarde announced that she formally submitted her resignation from the IMF position with effect from Sept 12, 2019.

Two weeks ago, Lagarde was nominated for the presidency of the European Central Bank, as part of the European Union (EU) leaders' agreement on the future leadership of top EU institutions. She then decided to temporarily step down from the IMF leadership during the nomination period.

"I had agonized over this proposal during the previous 48 hours and eventually decided to accept (the nomination)," Lagarde said in a statement released Tuesday, adding that she cannot help having "very mixed emotions."

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

"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 said.

David Lipton, first deputy managing director of the IMF, has served as acting managing director of the IMF following the nomination. The Executive Board said it has the "utmost confidence" in Lipton, who remains acting managing director in the interim period.