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Christine Lagarde IMF boss set for second term

Ms Lagarde had endorsements from France, Britain, Germany and China.

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IMF boss Christine Lagarde play

IMF boss Christine Lagarde

(Bloomberg)

Christine Lagarde has been nominated for a second term as the boss of the International Monetary Fund (IMF) after no challenger emerged before closing date on Wednesday, the IMF board declared.

“The period for submitting nominations for the position of the next managing director closed on Wednesday,” Aleksei Mozhin, dean of the executive board, said in a statement on Thursday in Washington.

“One candidate, Christine Lagarde, has been nominated,” he added.

 

The former French finance minister has been in charge of the IMF since 2011 after replacing Dominique Strauss-Kahn. She is also the first female managing director of IMF.

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Lagarde had endorsements from France, Britain, Germany and China.

Jin Zhongxia, China’s representative to the IMF’s board said, “We also support her to serve a second term.”

“Christine Lagarde has demonstrated outstanding leadership and strategic vision, as well as excellent professionalism and coordination skills,” he added.

The UK's Chancellor of the Exchequer, George Osborne "delighted to nominate" her for a new term.

Managing Director of the International Monetary Fund, (IMF), Christine Lagarde play

Managing Director of the International Monetary Fund, (IMF), Christine Lagarde

 

US Treasury Secretary Jacob Lew also endorsed Lagarde, saying, “I think she has done a great job."

The executive board of IMF on January 20 initiated selection processes for the next managing director.

The dean of the executive board Mr. Aleksei Mozhin, said in a statement:

“I am very pleased to announce that the Executive Board has adopted an open, merit-based, and transparent process for the selection of the Managing Director, similar to the one used in the previous round.

“Individuals may be nominated by a Fund Governor or Executive Director. Like we did in 2011, we aim to reach a decision by consensus.”

The appointment of current Managing Director Christine Lagarde expires on July 5, 2016. “The Board intends to complete the selection process by early March,” Mr. Mozhin said.

Her [Lagarde] second term is likely to be dominated by concerns about the global economy, related to the Chinese slowdown and falling oil and other commodity prices that are hammering other emerging-market and developing economies, AFP reported.

 

Lagarde in an article for German newspaper Handelsblatt predicted a disappointing and uneven global economic growth this year.

She said the prospect of rising interest rates in the United States and an economic slowdown in China were contributing to uncertainty and a higher risk of economic vulnerability worldwide, Reuters reported.

"In many countries the financial sector still has weaknesses and in emerging markets the financial risks are increasing. All of that means global growth will be disappointing and uneven in 2016," said Lagarde.

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