French Finance Minister Lagarde announces candidacy to head IMF

French Finance Minister Lagarde announces candidacy to head IMF

2011-05-25 21:15:12 GMT+7 (ICT)

PARIS (BNO NEWS) -- French Finance Minister Christine Lagarde on Wednesday announced her candidacy for the head of the International Monetary Fund (IMF) after the resignation of Dominique Strauss-Kahn due to allegations of sexual assault.

According to Radio France Internationale (RFI), Lagarde intends to be the first woman at the helm of the IMF since its foundation in 1945. Her candidacy was supported by the French government, led by President Nicolas Sarkozy.

The 55-year-old politician is recognized for playing a key role in bringing the European Union and the IMF to agree on rescue plans for Greece, Ireland and Portugal. She also brokered international deals during France's G20 presidency.

The 24-member board of the IMF is expected to announce a shortlist of three candidates before the successor for Strauss-Kahn will be appointed on June 30. Since its establishment, the IMF has been led by European politicians.

Several EU Member States and officials have backed Lagarde's bid including Germany, the United Kingdom and Italy. The United States have not announced their position or their preferred candidate.

Strauss-Kahn, 62, was IMF's managing director since November 2007 and previously served as France's Finance and Economy Minister between June 1997 and November 1999. He was considered a possible presidential candidate for 2012.

He is accused of forcing a 32-year-old hotel maid at the Sofitel New York Hotel to perform sexual acts. He currently remains at the Rikers Island jail complex in New York City.

IMF appointed John Lipsky as Acting Managing Director after Strauss-Kahn's last week resignation. Lipsky will remain in the position while IMF's Executive Board selects a permanent replacement.

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