Washington Backs Lagarde To Head IMF

Posted June 28th, 2011 at 9:35 am (UTC-5)
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The United States is supporting French Finance Minister Christine Lagarde in her bid to be the next head of the International Monetary Fund. Russia also publicly endorsed her on Tuesday.

In a note to journalists Tuesday, U.S. Treasury Secretary Timothy Geithner cited Lagarde's “exceptional talent and broad experience.”

Geithner also commended her rival for the post, Mexican central bank chief Agustin Carstens for a “strong and credible” candidacy.

The 24-member IMF Executive Board meets Tuesday to consider the next IMF leader. Many press reports say Lagarde will win the post.

The top IMF post is vacant because former Managing Director Dominique Strauss-Khan resigned after being arrested on charges of sexual assault. He denies the allegations.

The IMF gives loans and technical advice to countries with economic problems, and has been playing a role in bailing out Greece.