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"I deeply regret the circumstances that have made it necessary for me to substitute for the fund's managing director, " Lipsky said in a speech at the annual meeting of the Bretton Woods Committee in Washington.
CNN: Ex-IMF chief granted bail amid sexual assault allegations
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The IMF's second-in-command, John Lipsky, acknowledged in a BBC interview that in the immediate future the reforms won't be easy or enjoyable.
BBC: Greece's international rescue deal takes shape
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Steve Lipsky proved this when he made a video showing flames shooting out of his hose.
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Its triumph last year relied on stress-testing based on scenarios dreamed up by a committee including John Lipsky, an economist who has long been bearish on emerging markets.
ECONOMIST: Investment banking
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While the search begins to replace him, the first deputy managing director, John Lipsky, will lead the fund, the IMF said in a statement.
CNN: Ex-IMF chief granted bail amid sexual assault allegations
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As the institution negotiated emergency loans and austerity packages for Ireland, Portugal, and Greece, deputy managing director John Lipsky was forced to take the reins and call for nominations as the acephalous institution looked for a new chief.
FORBES: With The Backing Of Europe, French Fin Min Lagarde Announces IMF Bid
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As the institution negotiated emergency loans and austerity packages for Ireland, Portugal, and Greece, deputy managing director John Lipsky was forced to take the reins and call for nominations as the acephalous institution looked for a new chief. (Read Court Documents Provide Graphic Description Of Alleged Strauss-Kahn Attacks).
FORBES: French Fin Min Lagarde To Announce IMF Bid