The International Monetary Fund (IMF) boss, Christine Lagarde, has announced that she will seek for a second term in office when her term runs out July this year.

She made her intentions known when she appeared on France 2 Television.

"Yes, I am running for a second mandate," she said. "I've had the honour of receiving support since the opening of the procedure," she added.

So far, she has 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.

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

The executive board of IMF also announced on Wednesday that it has initiated selection processes for the next managing director.

The Dean of the Executive Board of the International Monetary Fund (IMF), 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.

Lagarde became the IMF's first female managing director after replacing Dominique Strauss-Kahn in 2011. She was previously the French minister for economic affairs, and the first female finance minister in the G8.