The United States and Russia announced their support Tuesday for Christine Lagarde as the next chief of the International Monetary Fund (IMF), hours before a crucial board meeting of the institution, according to dpa. Ending the suspense over Washington's stance, Treasury Secretary Timothy Geithner made the announcement that virtually assures her appointment, given the weight of the US' voting rights at the IMF. Geithner praised the qualifications of the French finance minister whose "exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy." He said the United States was encouraged by the "broad support" that Lagarde had garnered among IMF members, including from emerging economies. Russia was also backing Lagarde, Finance Minister Alexei Kudrin said Tuesday, according to the Itar-Tass news agency. Russia had initially supported the candidacy of Kazakhstan's central bank chief, Grigory Marchenko. "I believe she possesses necessary qualities and we will support her candidacy when the executive board votes," said Kudrin, who is also deputy prime minister. "She can add dynamism to that key international organization, ensure its reforms, and in particular, the system of quotas that is of interest for the states with developing markets," Kudrin said. The 24-member IMF executive board is to meet later Tuesday to discuss the selection of a new managing director to succeed French economist Dominique Strauss-Kahn, who resigned in May after his arrest on charges of sexually assaulting a New York hotel maid. On Monday, the People's Bank of China governor, Zhou Xiaochuan, expressed "quite full support" for Lagarde's bid, The Wall Street Journal reported. -- SPA
