IMF announces 'smooth transition' for newly independent UK

The International Monetary Fund has vowed fully support the UK’s decision to leave the European Union.

On Friday, IMF chief Christine Largade announced hopes for a smooth transition for the newly independent country’s finances.

“The British people have spoken and their decision is to be respected. There will be some time until we know the nature of future relationship between the United Kingdom and the European Union. In the meantime, it will be important that there will be clarity on the negotiation process, and that it be carried in as a smooth manner as possible,” said Lagarde

Global financial markets plunged on Friday following the results of the referendum, reflecting previous warnings that a vote to leave would cause another rabble across global markets

“The IMF for its part will continue to monitor developments closely and we will work with our members to make sure the resilience and stability of the global economy in the period ahead,” emphasized Lagarde.

The historic referendum showed that 51.9 per cent of UK voters chose to leave the European Union while 48.1 per cent voted to remain in the bloc.