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The executive Board of the International Monetary Fund selected on Tuesday, Christine Lagarde, France's finance minister, to serve as managing director and chairman of the executive board for a five-year term, starting on July 5.

Ms Lagarde, the first woman ever to be named to the top post at the Fund, won the endorsement of the United States earlier on Tuesday, effectively dashing hopes for the emerging markets' candidate, Mexico's central banker Agustin Carstens.

After the announcement, she issued the following statement:

"The Executive Board of the International Monetary Fund has just selected me to succeed Dominique Strauss-Kahn as Managing Director for a five-year term, starting on July 5. I am deeply honored by the trust placed in me by the Executive Board. I would like to thank the Fund’s global membership warmly for the broad-based support I have received. I would also like to express my respect and esteem for my colleague and friend, Agustín Carstens.

“The IMF has served its 187 member countries well during the global economic and financial crisis, transforming itself in many positive ways. I will make it my overriding goal that our institution continues to serve its entire membership with the same focus and the same spirit. As I have had the opportunity to say to the IMF Board during the selection process, the IMF must be relevant, responsive, effective, and legitimate, to achieve stronger and sustainable growth, macroeconomic stability, and a better future for all.”

Christine Lagarde

Christine Lagarde (France's govt photo)

Source: France's Economy Ministry

See also:
Full IMF succession coverage - FT Tilt