IMF boss Christine Lagarde set for second term

IMF boss Christine Lagarde set for second term

IMF boss Christine Lagarde set for second term

Written by Staff Writer

12 Feb, 2016 | 12:16 pm

The head of the International Monetary Fund (IMF), Christine Lagarde, has been nominated for a second five-year term at the helm.

The former French finance minister was the only nominee for the directorship. Commentators had said there were no obvious challengers for the job.

Ms Lagarde, 60, received support from the UK, Germany, China, and France, among other countries.

She has led the IMF since 2011 and is its first female director.

Ms Lagarde’s current term in office expires on 5 July. She had said she would seek a second mandate in January.

Her nomination comes amid a demand for her to stand trial in France for alleged negligence around a 2008 compensation payment to a top businessman, Bernard Tapie.

Ms Lagarde’s lawyer has said the decision to make her stand trial was “incomprehensible” and that the IMF boss would appeal.

The IMF is an organisation of 188 countries. Its main job is to ensure the stability of the world’s monetary system, which it describes as the system of exchange rates and international payments that allows countries to transact with each other.

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