IMF nominates Lagarde to a second term

International Monetary Fund managing director Christine Lagarde has been nominated to a second term, setting in train her unopposed re-appointment.

Ms Lagarde, the first woman to lead the IMF, took the helm as its 11th director in 2011. The IMF statement said it aims to complete the process as soon as possible. The US Treasury Department supported the move.

"Christine Lagarde has done an exceptional job leading the IMF for the last five years, guiding the Fund at a critical time for the global economy," US Treasury Secretary Jack Lew said in a statement.

“I’ve seen time and again her ability to bring people together on major global issues and drive toward solutions,” Mr Lew said.

During her tenure, Lagarde has overseen the IMF's handling of Europe's sovereign debt crisis and steps by the IMF to give a greater voice to emerging markets like China. She also played a lead role in fashioning an international bailout for Ukraine.

Ms Lagarde, a former French official who chaired the Group of 20 in 2011, helped steer European fiscal policy during the 2007-2009 financial crisis and its aftermath.

In its statement, IMF said nominations for its top official had closed on Wednesday and that Lagarde was the only candidate nominated. The agency has said it aims to complete the selection process by early March.

- (Reuters)