Lagarde favoured to win IMF job

FRENCH Finance Minister Christine Lagarde will likely become the next head of the International Monetary Fund (IMF), with the backing of the United States and Japan, the Nikkei financial daily reported, citing unidentified global financial industry sources in Washington.

The US, which has the largest share of votes in the IMF, the main institution overseeing global financial stability, and second biggest voter Japan, are expected to officially endorse Lagarde as early as June 10 when the nomination process closes, Japan’s Nikkei said.

Japanese officials were not available for comment. Finance Minister Yoshihiko Noda has only said a new IMF chief should be selected through an open, transparent and merit-based process.