Christine Lagarde had been re-appointed as the Managing director of the International Monetary Fund for a second term. She was the first women candidate to be elected following the sex scandal that had engulfed her predecessor.
Lagarde, 60, was unanimously elected as the Managing director with the backing of UK, Germany, China and France. The term would be for 5 years
Christine Lagarde’s first term as the director proved to be a strong contrast to her predecessor, Dominique Strauss-Kahn who was forced to resign after he was accused of attempted sexual assault on a maid in a New York hotel. The allegations were later dismissed.
Lagarde’s first term won praise from developing countries for her support in providing greater practical support for their efforts to recover from the financial crash and backing their demands for greater representation at the IMF board
The organisation’s executive board said her second term, which will start on 5 July, was the result of a “consensual” decision. It sidestepped concerns thatLagarde’s upcoming trial in France will prove a distraction during her second term.
“The global economy is undergoing a number of important transitions and we are focused on helping our membership navigate these successfully. The Fund remains committed to its fundamental goal of helping to ensure global economic and financial stability through international cooperation,” said Christine Lagarde