IMF releases terms of Lagarde’s post
The IMF released the terms and conditions of Lagarde’s employment yesterday, her first day on the job. She is scheduled to hold a news conference today at the fund’s headquarters in Washington.
“As managing director, you are expected to observe the highest standards of ethical conduct, consistent with the values of integrity, impartiality and discretion,” according to her employment conditions.
“You shall strive to avoid even the appearance of impropriety in your conduct.”
Lagarde, 55, a former French finance minister, will also receive an annual allowance of $83,760 net of income taxes, according to the IMF’s terms and conditions.
The requirements on ethics were not on her predecessor’s contract, Dominique Strauss-Kahn, who resigned in May after being charged with sexual assault.
Ms Lagarde is the first woman handed the IMF’s top job since the body was created in 1944.
She secured victory over Mexican central bank chief Agustin Carstens.
She must now steer the IMF through one of the most turbulent periods in its history, with the Eurozone in crisis and fallout from the Arab Spring.
At one stage ex-Prime Minister Gordon Brown was thought to be in the running for the post.
