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Government Supports the Candidacy of Ms. Christine Lagarde in the IMF Managing Director Election

Date

2011 06 09

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Vilnius, June 8. In the Government meeting the ministers decided to support the candidacy of Christine Lagarde, French Minister for Economy, Finance and Industry in the election of the International Monetary Fund (IMF) Managing Director.

The Government supports the candidacy of Ms. Christine Lagarde taking into consideration her versatile work experience, which is necessary for holding the position of the IMF Managing Director, active participation in solving the European financial problems, objectives and vision set by the candidate in case of becoming the IMF Managing Director and support from many European countries.

French Minister for Economy, Finance and Industry Christine Lagarde possesses a considerable experience in the leadership area both in private (legal practice at “Baker & McKenzie”) and public (from 2005 – French Foreign Trade Minister, later - Minister for Agriculture and Fisheries, while since 2007 – Minister for Economy, Finance and Industry) sectors. At the especially important time of the global crisis, Ms. Christine Lagarde chaired the G20 Finance Meetings, the goal of which is to improve the regulation of the international financial system.

In case of being selected to hold the position of the IMF Managing Director, the key priority indicated by Ms. Christine Lagarde is further strengthening of the IMF institution aiming at that the IMF continued to display its responsiveness to the changes, work in cooperation and reflect economic realities. In her opinion, the IMF played a particularly significant role in solving the public finance crisis of the European countries; therefore, it is important to ensure that the IMF would react in the same way in other regions that are in difficulty, especially in the Middle East and North Africa. It is essential to make full use of all IMF financial instruments and cooperate with other international financial institutions. In order to avoid further crises, the IMF should carry out a more effective and consistent surveillance, in particular on the multilateral basis. The IMF should take the lead in reforming the international monetary system. According to Ms. Christine Lagarde, it is also important to implement the launched IMF management reforms.

As Mr. Dominique Strauss-Kahn resigned as the IMF Managing Director, on 23 May of the current year the nomination process of the new Managing Director started, which will continue till 10 June of the current year.

 

Public Relations Division

www.finmin.lt