Lagarde Appointed for Second Term as IMF Chief

Christian Lagarde, who steered the IMF through troubled times, has been re-appointed as its Managing Director.

Christine Lagarde, has been reappointed as Chief of the International Monetary Fund (Photo: Reuters)

Christian Lagarde, who steered the IMF through some troubled times including the Eupropean financial crisis, has been re-appointed as its Managing Director for a second five-year term after an uncontested election. The Executive Board of the International Monetary Fund (IMF) yesterday selected 60-year-old Lagarde to serve as IMF Managing Director for a second five-year term starting on July 5, 2016, IMF said in a statement.

The Board’s decision was taken by consensus. France’s former finance minister secured early backing from many of the fund’s most powerful members when the IMF’s executive board launched the selection process in January, keeping other contenders from making an alternate bid and ensuring her a second term.

In taking this decision, the Board praised Ms Lagarde’s strong and wise leadership during her first term. During turbulent times in the global economy, Ms Lagarde strengthened the Fund’s ability to support its members with policy advice, capacity building, and financing. She has also played a critical role in revitalising the Fund’s relations with its global membership, including its emerging market and developing members.

<b> Aleksei Mozhin, Dean, IMF Executive Board</b>

Lagarde took the IMF’s top spot in mid-2011 after its former managing director Dominique Strauss-Kahn was arrested in New York for rape allegations, charges that were later dropped.