Saturday, February 20, 2016

Washington – Christine Lagarde on IMF orders for another five years – The Express

The only candidate nominated, the former French Minister of Economy aged 60 was no surprise reappointed by the IMF’s board of directors, representing its 188 member states, said the institution in a statement Friday.

I am very honored to have been designated by Member States ,” Lagarde said, since the institution’s headquarters in Washington.

I will ensure that the IMF remains a strong institution, able to adapt to change and able to understand the challenges looming on the horizon “, has added the ruling which the new term will begin on 5 July.

First woman to head the IMF, Lagarde succeeded in July 2011 to Dominique Strauss-Kahn, carried away by a sex scandal, and announced in late January his intention to seek re-election.

The ruling was immediately received strong support from many major powers, including the United States, perhaps discouraging the emergence of an alternative candidate.

IMF’s Board of Directors, which took its decision on the basis of consensus, further Friday hailed his “ strong leadership and wise .”

France, through the voice of its new foreign minister Jean-Marc Ayrault, has it evoked the “ major role ” that it played for “ limit the effects of the global financial crisis . ”

The renewal (…) does honor to France “, the minister added in a statement.

The ruling therefore not suffered from her recent referral to the French courts for his “ negligence ” assumed in Bernard Tapie, Credit Lyonnais when she was Economy Minister in France.

Ms Lagarde, who appealed against his dismissal in court, has again expressed hope Friday that the court examines the case “ with the seriousness and serenity (…) required . ”

– Chinese Slowdown –

During his first term, it will include su boost the image of an institution traumatized by the Strauss-Kahn scandal even if economic remedies IMF were far from unanimous, Greece, Cyprus and Portugal.

The ruling may also avail of the recent adoption of a reform doubling of IMF resources and increasing weight of emerging countries but was blocked by the veto makes the US Congress.

The former minister also tried to open the institution guardian of financial orthodoxy to subjects that are unfamiliar, such as climate change or social inequalities.

Its new mandate will undoubtedly dominated by growing concerns about the global economy, slowing Chinese background and stall other emerging countries.

The financial markets have recently taken strong panic, raising fears of a new global recession comparable to that which followed the 2009 collapse of US bank Lehman Brothers.

Are we in a time comparable to 2009 ‘I do not think ,” said Lagarde Friday. “ Are we in a time when coordination is needed ‘Yes! .”

The next G20 Finance, to be held in Shanghai next week will be an opportunity to test the degree of cooperation of the international community at a time when China is trying to negotiate a delicate transition to a new model growth.

This will not be a walkover, there will be difficulties along the way ,” said Lagarde about the second world economic power.

In the coming months, the ruling will also consider two burning issues that occupy the IMF long ago. The institution must first decide whether it joins the Europeans to bail out Greece for the third time since 2010.

Ms Lagarde will then assess whether Ukraine can continue to receive IMF loans despite deemed insufficient progress in fighting corruption in the country.


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