MercoPress. South Atlantic News Agency

Lagarde confirmed for a second five year term as IMF Director General

Before joining IMF in 2011, Lagarde was French Finance and Foreign Trade minister and had an extensive career as an anti-trust and labor lawyer.

The Executive Board of the International Monetary Fund (IMF) on Friday selected Christine Lagarde to serve as IMF Managing Director for a second five-year term starting on July 5, 2016. The Board’s decision was taken by consensus.

 In line with the selection process it had established on January 20, the Board held several discussions, including with Ms. Lagarde, the sole candidate nominated for the position, before making its decision. Following Friday's meeting, the Dean of the Executive Board, Mr. Aleksei Mozhin, said:

“In taking this decision, the Board praised Ms. Lagarde’s strong and wise leadership during her first term. During turbulent times in the global economy, Ms. Lagarde strengthened the Fund's ability to support its members with policy advice, capacity building, and financing. She has also played a critical role in revitalizing the Fund’s relations with its global membership, including its emerging market and developing members.

“Looking ahead, the Board also welcomed Ms. Lagarde’s emphasis on ensuring that the Fund remains agile in all its operations; well positioned to provide integrated advice across the full spectrum of issues that impact macroeconomic stability; and focused on meeting the needs of its entire membership. The Board looks forward to continuing to work closely with the Managing Director in carrying out the institution’s goal of helping to ensure global economic and financial stability.”

Ms. Lagarde was first appointed Managing Director on July 5, 2011. The selection process was initiated by the Board on January 20, 2016 when it adopted a merit-based and transparent process.

The Managing Director is the chief of the IMF’s operating staff and Chairman of the 24-member Executive Board. The Managing Director is assisted in carrying out her responsibilities by four Deputy Managing Directors and about 2,700 staff from 147 countries.

Before her appointment at the IMF in 2011, Ms. Lagarde, 60, a national of France, served as Minister of Finance and Minister for Foreign Trade of France and had an extensive and noteworthy career as an anti-trust and labor lawyer. She served as partner with the international law firm of Baker & McKenzie where she became Chairman of the Global Executive Committee in 1999, and subsequently Chairman of the Global Strategic Committee in 2004. She held the top post at the firm until June 2005 when she was named to her initial ministerial post in France. Ms. Lagarde has degrees from the 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. When appointed in 2011, Ms. Lagarde became the first woman named to the top IMF post since the institution’s inception in 1944.

On her confirmation for a second term Ms Lagarde said she was delighted to be given the opportunity to lead the IMF as Managing Director for a second term of five years, and greatly appreciates the continued trust and support of the Fund’s Executive Board and our 188 member countries.

“Over the past five years, the IMF has adapted and strengthened its capacity to respond to its members’ needs and is well-prepared to help them meet the challenges of the future. The global economy is undergoing a number of important transitions and we are focused on helping our membership navigate these successfully—with our excellent staff delivering policy advice, capacity building and, where needed, financial support. The Fund remains committed to its fundamental goal of helping to ensure global economic and financial stability through international cooperation.

“I look forward to serving our membership and carrying out our critical mission in the period ahead.”