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Lagarde has enough support to win a vote, but board members say they would prefer consensus [AFP]
Christine Lagarde, the French finance minister, has been named as the first-ever female chief of the International Monetary Fund, the international lender has announced.
Lagarde was elected at a meeting of the IMF's 24-member executive*board on Tuesday.
"The executive board of the International Monetary Fund today selected Christine Lagarde to serve as IMF managing director and madame chairman of the executive board for a five-year term starting on July 5, 2011," the IMF said in a statement.
The IMF said she was elected*by consensus, rather than a vote.
Earlier in the day, the US and Russia threw their weight behind Lagarde's candidacy for the managing director's post.
Their support all but assured her of being chosen when the organisation's board met to discuss the issue.
Timothy Geithner, the US treasury secretary, said in a statement on Tuesday that the French finance minister's "exceptional talent and broad experience" will help her to lead the bank at a "critical time for the global economy".
He said that he was encouraged by the broad support Lagarde had received from the fund's members.
Separately*on Tuesday, Alexei Kudrin, the Russian finance minister, said that his country would support Lagarde in the vote.
"We will vote for her candidacy,"*he said, adding that she would be able to "secure reform of the IMF in the interests of developing markets".
Agustin Carstens, a Mexican central banker, was standing against Lagarde, but with broad support across European countries, and reportedly from China, Lagarde was expected to easily secure the appointment at the board meeting.
Between them, the US, Russia, Europe and China hold over 50 per cent of the seats on the board, which represents the 187 members of the IMF. Board officials had earlier said, however, that they would prefer to have the appointment made by consensus, rather than a vote.
Emerging economies' concerns
Lagarde, 55, is be the first woman to head the lending organisation, succeeding Dominique Strauss-Kahn, who resigned last month after being charged with sexually assaulting a housekeeper in a New York City hotel.
Although she is not an economist, she has gained respect as the French finance head during its leadership of the G-20 group of countries, as well as during European debt talks.
Lagarde toured the world to convince emerging economic powers, such as China and India, that she would take tough stances on European bailouts and would not be biased against their interests.
"I am not here to represent the interest of any given region of the world, but rather the entire membership," she told the IMF board last week.
Nevertheless, there had been grumblings from non-European members about the continent's 65-year lock on the managing director's job. Carsten was*not able to gain broad support despite his impeccable credentials: a PhD in economics from Chicago University and stints as both finance minister and central bank of Mexico.
Under an informal arrangement in place since World War II, the IMF is always headed by a European citizen, while its sister organisation, the World Bank, is headed by an American. The United States also names the IMF's top deputy.
Developing countries have long protests against the set-up, pushing for the positions to be opened up to candidates outside of the US and Europe.
Nicolas Sarkozy, the French president, is expected to name Lagarde's replacement as French finance minister as early as Wednesday
Lagarde has enough support to win a vote, but board members say they would prefer consensus [AFP]
Christine Lagarde, the French finance minister, has been named as the first-ever female chief of the International Monetary Fund, the international lender has announced.
Lagarde was elected at a meeting of the IMF's 24-member executive*board on Tuesday.
"The executive board of the International Monetary Fund today selected Christine Lagarde to serve as IMF managing director and madame chairman of the executive board for a five-year term starting on July 5, 2011," the IMF said in a statement.
The IMF said she was elected*by consensus, rather than a vote.
Earlier in the day, the US and Russia threw their weight behind Lagarde's candidacy for the managing director's post.
Their support all but assured her of being chosen when the organisation's board met to discuss the issue.
Timothy Geithner, the US treasury secretary, said in a statement on Tuesday that the French finance minister's "exceptional talent and broad experience" will help her to lead the bank at a "critical time for the global economy".
He said that he was encouraged by the broad support Lagarde had received from the fund's members.
Separately*on Tuesday, Alexei Kudrin, the Russian finance minister, said that his country would support Lagarde in the vote.
"We will vote for her candidacy,"*he said, adding that she would be able to "secure reform of the IMF in the interests of developing markets".
Agustin Carstens, a Mexican central banker, was standing against Lagarde, but with broad support across European countries, and reportedly from China, Lagarde was expected to easily secure the appointment at the board meeting.
Between them, the US, Russia, Europe and China hold over 50 per cent of the seats on the board, which represents the 187 members of the IMF. Board officials had earlier said, however, that they would prefer to have the appointment made by consensus, rather than a vote.
Emerging economies' concerns
Lagarde, 55, is be the first woman to head the lending organisation, succeeding Dominique Strauss-Kahn, who resigned last month after being charged with sexually assaulting a housekeeper in a New York City hotel.
Although she is not an economist, she has gained respect as the French finance head during its leadership of the G-20 group of countries, as well as during European debt talks.
Lagarde toured the world to convince emerging economic powers, such as China and India, that she would take tough stances on European bailouts and would not be biased against their interests.
"I am not here to represent the interest of any given region of the world, but rather the entire membership," she told the IMF board last week.
Nevertheless, there had been grumblings from non-European members about the continent's 65-year lock on the managing director's job. Carsten was*not able to gain broad support despite his impeccable credentials: a PhD in economics from Chicago University and stints as both finance minister and central bank of Mexico.
Under an informal arrangement in place since World War II, the IMF is always headed by a European citizen, while its sister organisation, the World Bank, is headed by an American. The United States also names the IMF's top deputy.
Developing countries have long protests against the set-up, pushing for the positions to be opened up to candidates outside of the US and Europe.
Nicolas Sarkozy, the French president, is expected to name Lagarde's replacement as French finance minister as early as Wednesday
