GLOBAL - The executive board of the International Monetary Fund (IMF) has chosen French finance minister Christine Lagarde as its new director.
She will serve as director and madame chairman of the IMF's executive board for five years from 5 July.
Lagarde, who beat rival Agustin Carstens to the top job, is the first woman to be selected for the post in the IMF's 66-year history and its fifth French director.
The post became available when former director Dominique Strauss-Kahn resigned following his arrest over an alleged sexual assault in May.
Lagarde had been French minister of finance since June 2007. Previously, she was an anti-trust and labour lawyer and chair of international law firm Baker & McKenzie.
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