International Monetary Fund boss Lagarde to run for second term

“Yes, I am running for a second mandate”, Lagarde told France 2 television from the Davos economic forum on Friday, pointing to the support she had already received before officially announcing her candidacy.

At the fund’s annual meeting in Lima in October, Lagarde said she’d be open to serving another term.

There have been calls in recent years for the International Monetary Fund to look for a leader from the developing world, but Lagarde’s championing of reforms to the IMF’s constitution – allowing for greater representation by poorer countries – is likely to be enough to deflect accusations of western bias.

Last month, Lagarde was ordered to stand trial in France for alleged negligence over a compensation payment to a top businessman, Bernard Tapie.

The IMF opened nominations on wednesday, January 20.

He described her as “an outstanding leader with vision and acumen to steer global economy in years ahead”.

Her handling of getting the Chinese yuan in the Special Drawing Rights basket needs to be lauded, the ministry said. “I was honoured to receive from the start of the process the backing of France, Britain, Germany, China, Korea, Mexico”.

Two years later, Chirac’s successor Nicolas Sarkozy named her agriculture minister, and shortly after switched her to the finance portfolio in 2007, making her the first woman named to the post which she held 2011, a record longevity.

Treasury Secretary Jacob J Lew, in an interview on CNBC on Thursday, praised Lagarde but stopped short of giving her the US’s official endorsement.

“I have a very close working relationship with Christine Lagarde”, Mr. Lew said.

“Individuals may be nominated by a Fund Governor or Executive Director”. Mozhin said the appointment of current Managing Director, Christine Lagarde expires on July 5, 2016, adding that the Board intends to complete the selection process by early March.