The director of the International Monetary Fund’s Europe programme has resigned, citing personal reasons.

The IMF said that Antonio Borges will relinquish his responsibilities immediately.

Mr Borges’s exit comes about a year after he began heading the IMF’s European programme, as the region struggled to rein in the fallout from its financial crisis.

The IMF has been a key player in the euro zone’s debt crisis and has called on the continent’s leaders to steel banks against worsening market panic.

IMF managing director Christine Lagarde has informed the IMF’s executive board she will appoint Reza Moghadam to succeed Mr Borges.

Mr Moghadam is director of the IMF’s strategy, policy and review department.

AP