Controversial IMF Chief Reappointed to Second Term | News | teleSUR English

Christine Lagarde was the sole candidate for the post of managing director of the International Monetary Fund. 

Despite facing charges of negligence in France, Christine Lagarde was selected Friday to serve as the head of the International Monetary Fund (IMF) for a second five-year term.

Lagarde was the sole candidate nominated for the post of managing director at the multilateral lending institution.

“It has been a very enthusiastic experience for me and I am looking forward to actually continuing to serve the membership: to focus on country specific issues and make sure that we are as country-tailored and specific as we can,” said Lagarde following the announcement.

Lagarde made headlines in December 2015 when her lawyer announced she would face trial over allegations of negligence in France. Lagarde is accused of failing to challenge a controversial payout to business tycoon Bernard Tapie when she was finance minister in France under then-president Nicolas Sarkozy. 

Tapie, a close associate of Sarkozy, received US$433 million in compensation after he accused a state-owned bank of fraud. France's last court of appeal, the Court of Cassation, eventually ordered Tapie to repay the compensation.

As head of the IMF, Lagarde was involved in bailout negotiations with Greece that demanded the country implement harsh austerity programs in exchange for emergency loans. 

RELATED:Greece Passes New Austerity Measures, Recieves New Debt Loan

The IMF is the object of much derision in developing countries, particularly in Latin America, where the organization has often imposed painful structural adjustment programs blamed for devastating economies and causing poverty to skyrocket.

Right-wing Argentine President Mauricio Macri recently announced he would submit his country to its first IMF audit in nearly a decade.

IN DEPTH:World Bank and the IMF in Peru

Lagarde took over as head of the IMF in 2011 following the resignation of Dominique Strauss-Kahn amid scandal. She became the first woman to lead the organization, which is based in Washington, D.C.

She will officially start her second term on July 5.

The IMF said the decision to reappoint Lagarde was reached by consensus among its executive board.

http://www.telesurtv.net/english/news/Controversial-IMF-Chief-Reappointed-to-Second-Term-20160220-0001.html