Lagarde to head the IMF
Published:Tuesday | June 28, 2011 | 6:12 PM
The International Monetary Fund, IMF, has a new managing director.
She is 55 year old Christine Lagarde, the minister of finance in France.
Lagarde is the first woman to head the IMF.
The announcement of her appointment came soon after she received the backing of the United States and Russia.
Lagarde went up against Agustin Carstens of Mexico.
Before the appointment, there were calls for the top job to be given to individual from the developing world and break with the European hold on the position.
The new boss will serve a five year term that officially begins on July 5.
The post became vacant following the resignation of Dominique Strauss-Kahn over sexual assault allegations.