Christine Lagarde gets second term as IMF MD

Christine Lagarde has been given a second term to serve as the Managing Director of the International Monetary Fund (IMF), a statement from the Bretton Woods institution has said.

According to the statement, the Executive Board of the IMF today selected Christine Lagarde to serve as IMF Managing Director for a second five-year term starting on July 5, 2016. The Board’s decision was taken by consensus, it added.

Ms. Lagarde was first appointed Managing Director on July 5, 2011.

The Managing Director is the chief of the IMF’s operating staff and Chairman of the 24-member Executive Board. The Managing Director is assisted in carrying out her responsibilities by four Deputy Managing Directors and about 2,700 staff from 147 countries, it says.

Ms Lagarde issued a statement after her selection expressing delight for the second term.

“I am delighted to be given the opportunity to lead the IMF as Managing Director for a second term of five years, and I greatly appreciate the continued trust and support of the Fund’s Executive Board and our 188 member countries.

“Over the past five years, the IMF has adapted and strengthened its capacity to respond to its members’ needs and is well-prepared to help them meet the challenges of the future. The global economy is undergoing a number of important transitions and we are focused on helping our membership navigate these successfully—with our excellent staff delivering policy advice, capacity building and, where needed, financial support. The Fund remains committed to its fundamental goal of helping to ensure global economic and financial stability through international cooperation,” she said.

By Emmanuel K Dogbevi