Pledges to Move Forward with IMF Reforms
July 6, 2011
The new head of the International Monetary Fund, Christine Lagarde, has
pledged to move forward with reforms to give emerging economies more
influence at the lending organization.
Lagarde speaks to press after meeting with IMF Board on June
23rd (IMF photo).
Speaking Wednesday in her first news conference as IMF chief, the former
French finance minister said the world economy is rebounding from the
financial crisis, but unevenly, with emerging-market economies like
China and India growing faster than those of developed nations.
She said the "world is going to continue to change," and acknowledged
that such changes need to be reflected in the "composition of governance
and employment at the fund."
Representatives of some countries had wanted a candidate from an
emerging economy to become the new IMF chief, but Lagarde's selection
continued the tradition of a European heading the institution.
Lagarde was chosen as IMF Managing Director last week and began her
five-year term on Tuesday.
She is replacing fellow French national Dominique Strauss-Kahn, who
resigned the IMF post in May after being arrested in New York on charges
he sexually assaulted a hotel maid, an allegation he denies.
IMF Executive Board selected Lagarde after she received the endorsement
of the United States, Russia, China and Brazil.
Lagarde, 55, is the first woman to lead the global lender. The former
lawyer had been France's finance minister since 2007, earning widespread
respect for her leadership during the financial crisis.
Lagarde helped lead negotiations last year that combined European Union
and IMF funds to bail out heavily-indebted countries such as Greece,
Ireland and Portugal.
The IMF gives loans and technical advice to countries with economic
problems. Lagarde told the news conference the IMF board will meet
Friday to discuss the next round of aid to Greece.