Lagarde to lead IMF

French Finance Minister Christine Lagarde has been chosen to lead the International Monetary Fund (IMF). She will become the first female managing director of the global lending organisation.

Lagarde's selection became all but assured when the Obama administration endorsed her earlier Tuesday. Hours later, the IMF's 24-member board voted to appoint her to the position. She had also won support from Europe, China and Russia.

Lagarde takes over at a tumultuous time. Europe's debt crisis is intensifying. Emerging nations want a greater voice at the IMF. And the organisation's reputation has been tarred by a scandal involving Dominique Strauss-Kahn, whom she replaces as leader.

Strauss-Kahn resigned last month after being charged with sexually assaulting a New York City hotel housekeeper.

US Treasury Secretary Timothy Geithner announced his support for her candidacy hours before the 24-member board was expected to select her as its managing director.

Lagarde was opposed by Agustin Carstens, a Mexican central banker whose candidacy never caught fire, even among developing countries.

Carstens complained that he was at a disadvantage from the start because European officials moved quickly to close ranks behind Lagarde.

- AP