News / Economy

Lagarde Pledges to Move Forward with IMF Reforms

IMF Managing Director Christine Lagarde holds a news briefing at the International Monetary Fund headquarters in Washington July 6, 2011
IMF Managing Director Christine Lagarde holds a news briefing at the International Monetary Fund headquarters in Washington July 6, 2011

The new head of the International Monetary Fund, Christine Lagarde, has pledged to move forward with reforms to give emerging economies more influence at the lending organization.

Speaking Wednesday in her first news conference as IMF chief, the former French finance minister said the world economy is rebounding from the financial crisis, but unevenly, with emerging-market economies like China and India growing faster than those of developed nations.

She said the "world is going to continue to change," and acknowledged that such changes need to be reflected in the "composition of governance and employment at the fund."

Representatives of some countries had wanted a candidate from an emerging economy to become the new IMF chief, but Lagarde's selection continued the tradition of a European heading the institution.

Lagarde was chosen as IMF Managing Director last week and began her five-year term on Tuesday.

She is replacing fellow French national Dominique Strauss-Kahn, who resigned the IMF post in May after being arrested in New York on charges he sexually assaulted a hotel maid, an allegation he denies.

The IMF Executive Board selected Lagarde after she received the endorsement of the United States, Russia, China and Brazil.

Lagarde, 55, is the first woman to lead the global lender. The former lawyer had been France's finance minister since 2007, earning widespread respect for her leadership during the financial crisis.

Lagarde helped lead negotiations last year that combined European Union and IMF funds to bail out heavily-indebted countries such as Greece, Ireland and Portugal.  

The IMF gives loans and technical advice to countries with economic problems. Lagarde told the news conference the IMF board will meet Friday to discuss the next round of aid to Greece.

Some information for this report was provided by AP and Reuters.

You May Like

Video On The Scene: In Gaza, Darkness Brings Dread and Death

Palestinians fear nighttime bombardment, VOA correspondent finds More

African Small Farmers Could Be Key to Ending Food Insecurity

Experts say providing access to microloans, crop insurance, better storage facilities, irrigation, road systems and market information could enable greater production More

University of Michigan Wins Solar Car Race

Squad guided its student-designed solar-powered vehicle to fifth consecutive time victory in eight-day bi-annual American Solar Challenge More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.