Christine Lagarde, managing director of the International Monetary Fund (IMF), on Thursday mourned the passing of former South African President Nelson Mandela, extending condolences to his family and the people of South Africa.

"I am deeply saddened by the passing of Nelson Mandela and extend our condolences to his family and to the people of South Africa whose lives and destiny he transformed through his service to his country," Lagarde said in a statement.

"Nelson Mandela was a courageous and visionary leader who enabled his country to confront its past and inspired its people to address an extraordinary set of challenges," she added.

"He was a man who brought deep principles, skillful diplomacy and quiet dignity to the task of national reconciliation and nation building. His modesty in the face of greatness will always be remembered and, moreover, will continue to inspire us all," she noted.

"The extraordinary global reach of Nelson Mandela's admirers is testimony to his profound contribution to making South Africa and the world a better place," Lagarde added.