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Lagarde Visits Brazil On Campaign For IMF Chief

French Finance Minister Christine Lagarde
French Finance Minister Christine Lagarde has made a visit to Brazil as part of her campaign to become the next head of the International Monetary Fund (IMF).

Speaking in Brasilia on May 30, Lagarde pledged that if she is selected to be the next IMF managing director, she will back reforms that would give Brazil and other emerging economies more influence at the multilateral institution.

Lagarde, who could become the first female head of the IMF, said she also agreed with many developing countries that the IMF's next leader should not be chosen by nationality. A European has traditionally led the IMF since its founding in 1945.

"I share with them a few principles, and to begin with I believe, particularly, that the selection process of the new director of the fund must be open, transparent, and based on merit," she said.

Brazilian Finance Minister Guido Mantega said Brazil had not yet decided whether to support Lagarde or her only declared rival, Mexican central bank chief Agustin Carstens, who is due to visit Brazil later this week.

The IMF's former head, Dominique Strauss-Kahn of France, resigned May 18 after he was arrested on charges of sexually attacking a hotel maid in New York City. He has denied the allegations.

compiled from agency reports