The International Monetary Fund is giving managing director Christine Lagarde a second five-year term.
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During her first five years Lagarde was deeply involved in the Fund’s efforts to counter Europe’s sovereign debt crisis.
Mr. Chikwanda says Ms Lagarde has demonstrated professionalism, provided quality leadership and direction in tackling various policy issues in the International Monetary Fund. Her new term starts on July 5. 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. It sidestepped concerns that Lagarde’s upcoming trial in France will prove a distraction during her second term.
“I have been honoured to serve in the past five years, I greatly appreciate the continued trust and support of the fund’s executive board and our 188 member countries”, Lagarde said.
Besides the world growth challenge, Lagarde will face tough decisions on whether to offer Greece a new bailout, and to release the next loan installment to Ukraine amid renewed concerns about corruption.
The former French finance minister took over the reins from her fellow countryman, Dominique Strauss-Kahn, in 2011 when he was forced to resign after being embroiled in a sex scandal.
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Lagarde was virtually assured a second term when nominations for the job closed mid-February with no challengers. Lagarde has repeatedly stated her innocence, and she promised to appeal the decision to try her.
