Global: IMF Appoints Christine Lagarde, 'First Woman' MD

The Executive Board of the International Monetary Fund (IMF) Tuesday appointed Ms Christine Lagarde as its Managing Director and Chairperson for a five-year term, effective from July 5, 2011.

Lagarde, who succeeds Mr Dominique Strauss-Kahn, is the first woman appointed to head the Bretton Woods institution since its establishment in 1944.

Strauss-Kahn resigned after he was accused of sexual assault against one Ms. Nafissatou Diallo, a Guinean and maid of a New York hotel. He is being prosecuted.

According to a statement by IMF, the selection of Lagarde by the 24-member executive board representing the Fund's 187-member countries has brought to a conclusion the selection process initiated by the board on May 20, 2011.

The IMF in the statement noted that, "according to the agreed procedures, the Board had agreed to meet with Mr Agustín Carstens and Ms. Lagarde for the post. The candidates met bilaterally with Executive Directors as well as the Executive Board, during June 20-23, 2011. In these meetings, Mr Carstens and Ms Lagarde had the opportunity to present all relevant information concerning their specific candidacies."

It added that, "the Executive Board agreed that both were well qualified candidates and the objective was to select one by consensus. Based on the candidate's profile that had been established, the Executive Board, after considering all relevant information on the candidates, proceeded to select Ms Lagarde by consensus. The Executive Board looks forward to Ms Lagarde effectively leading the International Monetary Fund as its next Managing Director."

The managing director is the chief of the IMF's operating staff and Chairman of the Executive Board. The chief executive is assisted by three deputy managing directors in the operation of the Fund, which serves the 187-member countries through its 2,700 staff from more than 140 countries.

Lagarde, 55, a national of France, had been the France's Minister of Finance since June 2007. Prior to that appointment, she served as France's Minister for Foreign Trade for two years.

She also has had an extensive and noteworthy career as an anti-trust and labour lawyer, serving as a partner with the international law firm of Baker & McKenzie, where the partnership elected her as chairman in October 1999.

She held the top post at the firm until June 2005 when she was named to her initial ministerial post in France. Lagarde has degrees from Institute of Political Studies (IEP) and from the Law School of Paris X University, where she also lectured prior to joining Baker & McKenzie in 1981.

While reacting to the appointment of Lagarde, World Bank President Robert B. Zoellick said: "I would like to congratulate Christine Lagarde on her appointment as Managing Director of the International Monetary Fund. The IMF plays a critical role in the global financial system. The World Bank Group and the IMF have worked ever more closely in the last few years to support countries as they recover from the global economic crisis, and to avert crises going forward.

"I have had the great pleasure of working with Minister Lagarde in her capacity as France's Minister for Economic Affairs, Finances and Industry and as Chair of the G-20 Finance Ministers. Wherever she has worked, she has had a strong voice and impact. I look forward to working closely with her and with the IMF under her leadership."