Press Release No. 11/ 260

Ms. Christine Lagarde issued the following statement today after the Executive Board of the International Monetary Fund (IMF) selected her as the IMF’s next Managing Director, the 11^th since the Fund’s inception in 1944:

“The Executive Board of the International Monetary Fund has just selected me to succeed Dominique Strauss-Kahn as Managing Director for a five-year term, starting on July 5. I am deeply honored by the trust placed in me by the Executive Board. I would like to thank the Fund’s global membership warmly for the broad-based support I have received. I would also like to express my respect and esteem for my colleague and friend, Agustín Carstens.

“The IMF has served its 187 member countries well during the global economic and financial crisis, transforming itself in many positive ways. I will make it my overriding goal that our institution continues to serve its entire membership with the same focus and the same spirit. As I have had the opportunity to say to the IMF Board during the selection process, the IMF must be relevant, responsive, effective, and legitimate, to achieve stronger and sustainable growth, macroeconomic stability, and a better future for all.”