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IMF chief Lagarde set for second term

Xinhua, February 12, 2016 Adjust font size:

International Monetary Fund (IMF) Managing Director Christine Lagarde is poised to win a second term as the leader of the Washington-based institution as no challenger emerged for the position.

"The period for submitting nominations for the position of the next Managing Director closed on Wednesday, February 10. One candidate, current Managing Director Christine Lagarde, has been nominated," Aleksei Mozhin, dean of the IMF executive board, said in a statement on Thursday.

The IMF kicked off the selection process for next managing director on Jan. 20..

Mozhin said on Thursday that the IMF board will complete the selection process as soon as possible. The next Managing Director's term will begin on July 5.

Lagarde, a former French finance minister, took over as the head of the IMF in 2011 after Dominique Strauss-Kahn resigned, becoming the first woman to lead the agency.

U.S. Treasury Department also supported Lagarde heading the IMF for another five-year term.

"Christine Lagarde has done an exceptional job leading the IMF for the last five years, guiding the Fund at a critical time for the global economy. I look forward to continuing to work with her as she directs the Fund's vital work," Treasury Secretary Jacob Lew said in a statement on Thursday. Endite