Brazil backs Lagarde for new IMF chief

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Brazil joined key emerging nations Russia and China on Tuesday in supporting French Finance Minister Christine Lagarde to head the International Monetary Fund, the government said.

Several emerging nations had been loathe to let Europe keep its traditional grip on the IMF top job, but Lagarde's appointment is now all but certain after she secured the endorsement of Washington and other major players including Beijing and Moscow over the other main contender, Mexican central bank governor Agustin Carstens.

"Brazil, after extensive consultation with the candidates and with the governments of other countries, decided today to support Christine Lagarde for the position of managing director of the IMF," according to an official statement in which Brazilian officials highlighted their "renewed commitment to the continuity of the Fund's reform process."

© 2011 AFP

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