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Osborne shows support for Lagarde to take IMF role

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by Kay Mitchell

Chancellor George Osborne has showed his support for Christine Lagarde to take over as chief at the International Monetary Fund (IMF).

Mr Osborne believes the 55-year-old Economy Minister is an “outstanding candidate” for the position and is set to formally nominate her.

The chief role at the IMF is available after Dominique Strauss-Kahn was forced to step down after being accused of sexually assaulting a hotel maid in New York.

The Washington-based Fund, which oversees the global financial system, has had an active role in arranging bailout packages for euro zone economies, including Greece and Portugal.

Should Ms Lagarde take over the role, she will become the first woman in the job. She has previously been praised for her active role in the European debt crisis and according to Osborne, has “shown real international leadership as chair of the G20 finance ministers this year.”

The IMF board anticipates having a new chief in place by the end of June.

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News posted: May 22, 2011

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