Lagarde set for second term at the IMF

International Monetary Fund headquarters.Photo/file
International Monetary Fund headquarters.Photo/file

THE head of the International Monetary Fund, Christine Lagarde, has been nominated for a second five-year term at the helm.

The former French finance minister was the only nominee for the directorship. Commentators had said there were no obvious challengers for the job.

Lagarde, 60, received support from the UK, Germany, China, and France, among other countries.

She has led the IMF since 2011 and is its first female director.

"The period for submitting nominations for the position of the next managing director of the International Monetary Fund closed on Wednesday, February 10," said Aleksei Mozhin, dean of the IMF's executive board.

"One candidate, current managing director Christine Lagarde, has been nominated," he added, before saying the board's goal was to complete the selection process as soon as possible.

Lagarde's current term in office expires on July 5. She had said she would seek a second mandate in January.

Her nomination comes amid a demand for her to stand trial in France for alleged negligence around a 2008 compensation payment to a top businessman, Bernard Tapie.

Lagarde's lawyer has said the decision to make her stand trial was "incomprehensible" and that the IMF boss would appeal.

The IMF is an organisation of 188 countries. Its main job is to ensure the stability of the world's monetary system, which it describes as the system of exchange rates and international payments that allows countries to transact with each other.