Lagarde becomes the first woman to lead the IMF

French finance minister Christine Lagarde has been named as the successor to Dominique Strauss-Kahn by the board of the IMF.

FRENCH FINANCE MINISTER Christine Lagarde has been named as the managing director the International Monetary Fund.

She succeeds Dominique Strauss-Kahn, who was arrested in May in relation to allegations of sexual assault in New York.

Lagarde is the first women to lead the IMF since its inception in 1944. In a statement the IMF executive board said that Lagarde was chosen by consensus based on her profile. Ealier today she received the formal backing of the US, having already received substantial support in Europe and endorsements from China and Russia.

The IMF statement also details Lagarde’s background – she has served as the French finance minister as well as the country’s minister for foreign trade. She also has an extensive background in law, specialising in anti-trust and labour.

She’ll take up the post next week and will serve for five years.

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