Lagarde IMF appointment good for global economy: Britain

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British finance minister George Osborne welcomed the appointment of his French counterpart Christine Lagarde as IMF head Tuesday, saying it was "good news for the global economy".

Britain was an early backer of Lagarde's candidacy to replace Frenchman Dominique Strauss-Kahn, who resigned in May after being arrested in New York for the alleged sexual assault of an hotel maid.

"Christine Lagarde's appointment as managing director of the IMF is good news for the global economy and for Britain," Osborne said in a statement issued by the Treasury.

"She is the best person for the job, which is why Britain was one of the first countries to propose her and I am pleased she's secured the support of others."

Osborne praised Lagarde's approach towards countries with high budget deficits, like Britain.

"Over the past year I've worked closely with Christine: she's shown real international leadership as chair of the G20 finance ministers," he said.

"She has demonstrated she has the experience, vision and diplomatic skills necessary to ensure the IMF can address the challenges it faces.

"She has also been a strong advocate for countries tackling high budget deficits and living within their means. I look forward to continuing to work with her in her new role."

Osborne also paid tribute to Lagarde's Mexican rival for the role, Agustin Carstens.

© 2011 AFP

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