Economy

Economic Commentary

Economic Calendar

Global Economies

Global Economic Calendar

U.S. Endorses Lagarde for IMF post

The United States supports Finance Minister Christine Lagarde of France to take over as the new chief of the International Monetary Fund, Treasury Secretary Timothy F. Geithner said in a statement Tuesday.

The endorsement virtually seals a win for Ms. Lagarde over Mexico’s central bank governor, Agustín Carstens, whom Mr. Geithner commended for having put up a "strong and credible candidacy."

Mr. Geithner said Lagarde’s "exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy."

Earlier Tuesday, the Russian finance minister, Alexei Kudrin, told reporters that Russia would vote for Ms. Lagarde’s candidacy.

The official announcements of support came on the day when the 24-strong I.M.F. board of member countries was to meet to try to reach a consensus on the issue of leadership without driving the matter to a formal vote.

Ms. Lagarde was facing a challenge from Mr. Carstens to replace Dominique Strauss-Kahn, who resigned last month after being charged with attempting to rape a New York hotel maid. He denies the allegations.

Mr. Kudrin said Ms. Lagarde would be able to “secure reform of the I.M.F. in the interests of developing markets.”

The race has been marked by developing countries trying to secure more influence over the direction and structure of the global lender.