French Economy Minister becomes IMF Managing Director

On June 28, French Economy Minister Christine Lagarde was elected Managing Director of the International Monetary Fund (IMF), thereby helping Europe continue to hold the top position at the world's leading lending institution.

Ms Lagarde, 55, will begin her five-year term on July 5 amid an escalating debt crisis in Europe and growing concerns that Greece will default on its debts.

Ms Lagarde is the first woman to head the IMF since its creation in 1944 and will succeed Dominique Strauss-Kahn, who resigned in May amid allegations of sexual assault against a New York hotel maid.

Ms Lagarde's victory over Mexico's central bank governor, Agustin Carstens, became certain after the US and emerging economies China, Brazil and Russia expressed their support for her.

Shortly after her election, Ms Lagarde said she felt "honoured and delighted" to be appointed as the first female Managing Director of the IMF. She affirmed that her goal was to serve all members of the global lending institution well.

According to VNA