Egypt, Indonesia, UAE Back Lagarde’s Bid for IMF Job

Posted June 12th, 2011 at 5:00 pm (UTC-5)
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French Finance Minister Christine Lagarde’s bid to head the International Monetary Fund received a big boost Sunday when Egypt, Indonesia, and the United Arab Emirates publicly endorsed her over two other candidates.

The backing from those three countries came as Lagarde visited Egypt to shore up support for her candidacy. Lagarde said the visit left her very confident.

Indonesia’s finance minister has described Lagarde as skillful and professional.

Two others are also seeking the IMF leadership — Mexican central bank chief Agustin Carstens and Bank of Israel Governor Stanley Fischer, whose own finance minister says has little chance of getting the job.

The IMF is looking for someone to replace former chief Dominique Strauss-Kahn. He resigned last month after being arrested for allegedly sexually assaulting a hotel maid in New York. Strauss-Kahn denies the charge.

The position traditionally has gone to a European. But Strauss-Kahn’s resignation has brought calls for the next chief to come from a non-European Union country.

The 24-member IMF board, which includes Egypt, is expected to announce the new chief by June 30.