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Tuesday
Jun282011

Obama Administration Backs Christine Lagarde to Lead IMF

ABC News(WASHINGTON) -- The Obama administration announced Tuesday that the U.S. is throwing its support behind French Finance Minister Christine Lagarde to take over as the new managing director of the International Monetary Fund (IMF), replacing Dominique Strauss-Kahn who was ousted from the position amid accusations of sexual assault last month.

“Minister Lagarde’s exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy,” Treasury Secretary Timothy Geithner said in a written statement.

By endorsing Lagarde, the U.S. essentially guarantees she will win the position over Mexico’s central bank governor, Agustin Carstens, who Geithner commended for “his strong and very credible candidacy.”  Lagarde would be the first woman at the helm of the lending organization.

The U.S., which has the largest vote on the IMF’s board, has been silent until now about who should replace Strauss-Kahn.  Geithner said on Tuesday that the administration was “encouraged by the broad support” that Lagarde secured from the Fund’s membership, including emerging economies.

Copyright 2011 ABC News Radio

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