Mexico’s central bank governor said he will continue his underdog candidacy to be the first representative of an emerging economy to lead the International Monetary Fund.

THE International Monetary Fund’s board has blocked Bank of Israel governor Stanley Fischer from the race for the top IMF job, further boosting the chances of French finance minister Christine Lagarde.

France’s Christine Lagarde and Mexico’s Agustin Carstens are the two remaining candidates to be the managing director of the International Monetary Fund.

NOMINATIONS for the row of IMF managing director have closed, with French finance minister Christine Lagarde remaining the front-runner.

French Finance Minister Christine Lagarde is the odds-on favourite to become the next IMF chief as nominations close later today.

FORMER IMF chief Dominique Strauss-Kahn entered a plea of not guilty yesterday to charges he sexually assaulted a New York hotel maid in a case that cost him his job and a chance at the French presidency.

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.

French finance minister Christine Lagarde met with her Brazilian counterpart to promote her candidacy to head the International Monetary Fund and said she backed the institution’s reforms giving developing nations more of a voice in its operations.

Mexico is temporarily suspending all non-essential activity of the federal government as the number of confirmed swine flu cases jumped.

The world should develop an early-warning system that would alert countries to looming financial threats, France’s finance minister said.

Secretary-General Kofi Annan has urged wealthy nations to take bold action this year to liberalise global trade and help developing countries escape poverty, calling the lack of progress “perilous”.