Christine Lagarde, the New IMF Managing Director
Christine Lagarde
Christine Lagarde, finance minister of France, has been appointed the new head of the International Monetary Fund, replacing French national Dominique Strauss-Kahn, who is involved in a scandal related to sexual abuse.
The appointment was announced on Wednesday by the Washington-based organization by an e-mail sent to the press.
Christine Lagarde, 55, will begin her 5-year term as head of IFM on July 5, and will be the first woman to lead this international lender.
In an e-mail sent by Lagarde herself, she thanked the major leadership of IFM, saying that she was grateful for the broad support she received.
IMF Washington HQ
She promised that her term in office would benefit the entire membership, and that she would serve with the same focus and dedication.
Christian Lagarde has received the support of the major economies around the world, including China, Russia, and the United States.
There was a debate over the fact that the chair should go to someone from a different part of the globe, but Lagarde’s contenders did not get enough support from the major countries.
IMF is involved in supporting various emerging economies hit by the world crisis, but in some countries there is distrust towards its policies, especially after the terrible episode of Argentina, whose economical decline was blamed on IMF policies.
Some voices have even demanded, while Strauss-Kahn was still managing director, a serious reformation of the fund’s policies.
