THE IMF HAS confirmed Dominique Strauss-Kahn’s intention to step down as managing director of the fund with immediate effect. Here’s his formal letter of resignation:

“Ladies and Gentlemen of the Board:

It is with infinite sadness that I feel compelled today to present to the Executive Board my resignation from my post of Managing Director of the IMF.

I think at this time first of my wife—whom I love more than anything—of my children, of my family, of my friends.

I think also of my colleagues at the Fund; together we have accomplished such great things over the last three years and more.

To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me.

I want to protect this institution which I have served with honor and devotion, and especially—especially—I want to devote all my strength, all my time, and all my energy to proving my innocence.

Dominique Strauss-Kahn”

The IMF has also said that the fund will “communicate in the near future on the Executive Board’s process of selecting a new Managing Director”. John Lipsky will remain on as acting managing director in the meantime.