U.S., Russia backs Lagarde for IMF leadership

[News_Editor]

U.S., Russia backs Lagarde for IMF leadership

2011-06-28 23:07:27 GMT+7 (ICT)

WASHINGTON D.C. (BNO NEWS) -- The United States and Russia on Tuesday voiced their support to French Minister of Economy, Industry and Employment Christine Lagarde's candidacy for leading the International Monetary Fund (IMF).

"I am pleased to announce our decision to support Christine Lagarde to head the International Monetary Fund," said U.S. Treasury Secretary Tim Geithner. "We are encouraged by the broad support she has secured among the Fund's membership, including from the emerging economies."

Geithner added that the French Minister has a broad experience which will translate in an invaluable leadership which is critical due to the status of the global economy. If selected, Lagarde will become the first woman to become IMF head.

On the other hand, Russian Finance Minister Alexei Kudrin said that Russia supports Lagarde as she has all the necessary qualities to lead the IMF. The announcement was made during a cabinet meeting in Moscow.

"She has all the necessary qualities, and we will back her candidacy during the vote," said Kudrin. "The platform and proposals of Christine Lagarde are absolutely in line with the aims and tasks of the IMF."

The 24-member IMF board will meet on Tuesday in an attempt to reach a consensus on the new IMF leader without having to hold a formal vote. Lagarde is running against Mexican Central Bank chief Agustin Carstens.

Last week, the Executive Board of the IMF finalized the interviews with both candidates. The selection process is expected to be completed by June 30 if a consensus is not reached in Tuesday's formal meeting.

John Lipsky is currently acting managing director after Dominique Strauss-Kahn resigned last month. The resignation came days after Strauss-Kahn was arrested in New York over allegations of sexual assault.

According to the allegations, Strauss-Kahn forced a 32-year-old hotel maid at the Sofitel New York Hotel to perform oral sex on him twice before engaging in anal sexual conduct with her. He also grabbed the victim's breasts and vaginal area.

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