WASHINGTON, June 28 (Xinhua) -- Rodrigo Rato, the managing director of the International Monetary Fund, announced Thursday he would resign in October for personal reasons.

    He met with IMF's Executive Board and informed the latter that "he would leave in October following the conclusion of the 2007 Annual Meetings of the Boards of Governors of the IMF and World Bank Group," according to the IMF.

    "I have taken this decision for personal reasons," Rato said in the statement. "My family circumstances and responsibilities, particularly with regard to the education of my children, are the reason for relinquishing earlier than expected my responsibilities at the Fund."

    "My intention is to step down as managing director soon after the 2007 Annual Meetings and I wanted to share my decision with you as soon as I made it in order to provide the Board with reasonable time to appoint my successor," he added.

    Rato, a Spanish national and former Spanish minister of economy, succeeded Horst Koehler in May 2004 for a five-year term after Koehler resigned to stand for the German presidency.