Christine Lagarde set to become new IMF boss
Tuesday 28 June 2011
French Finance Minister Christine Lagarde is poised to become the next leader of the scandal-rocked International Monetary Fund, with a major endorsement from the Obama administration.
US Treasury Secretary Timothy Geithner announced his support for her candidacy hours before the 24-member board was expected to select her as its managing director.
Ms Lagarde would be the first woman to head the lending organisation. She would replace Dominique Strauss-Kahn, who resigned last month after being charged with sexually assaulting a New York City hotel worker.
Ms Lagarde was opposed by Agustin Carstens, a Mexican central banker whose candidacy never caught fire, even among developing countries.
Mr Geithner said her "exceptional talent and broad experience" will provide invaluable leadership for the bank at a critical time for the global economy. He said he is encouraged by the broad support she has among the fund's membership.
In Europe, where she has spear-headed the battle against a vicious and stubborn debt crisis. She has also won support from China and Russia, according to reports in Beijing and the ITAR-Tass news agency in Moscow.
The United States, Europe, China and Russia hold a combined majority of votes on the IMF's board.
The executive board represents the 187 members of the IMF, which lends to financially troubled countries.
Her selection will likely provoke protests from developing countries. Under an informal arrangement, a European has always lead the IMF and an American has run its sister organisation, the World Bank. The United States also names the IMF's top deputy. Developing nations have pushed to open the positions to candidates outside the United States and Europe.
- 1 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by police in Ohio park
- 3 Naked free runner captured in breathtaking photographs above London's streets
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by police in Ohio park
Heroin to be prescribed to Canadian addicts by doctors
Audacious North Korean kidnap plot foiled at Paris airport as 'Asian men' attempted to bundle student onto plane
Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
Revealed: the case against Bill Cosby – through the stories of his accusers
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
France 'blocks' Russian sailors from boarding a warship
Green Party Caroline Lucas interview: 'We could be on the edge of something very big'
£30000 - £60000 per annum + Excellent: Austen Lloyd: Employment Solicitor - Ke...
Negotiable: Argyll Scott International: Hi All, I'm currently recruiting for t...
Highly Competitive Salary: Austen Lloyd: HAMPSHIRE MARKET TOWN - A highly attr...
£23000 - £30000 per annum + pension, 25days holiday: Ashdown Group: An industr...