Lagarde delighted to remain IMF chief for 5 more years

France’s Christine Lagarde expressed satisfaction Friday after she was formally reelected as managing director of the International Monetary Fund.

“I am delighted to be given the opportunity to lead the IMF as Managing Director for a second term of five years, and I greatly appreciate the continued trust and support of the Fund’s Executive Board and our 188 member countries,” she said in a statement.

The Dean of the Executive Board, Aleksei Mozhin, announced last week that Lagarde would remain as managing director for the 20162021 period as no other candidate had been nominated.

“Over the past five years, the IMF has adapted and strengthened its capacity to respond to its members’ needs and is wellprepared to help them meet the challenges of the future,” the 60yearold Lagarde said.

The former French finance minister was elected to lead the IMF in 2011, despite grumbling by some emerging nations about the unspoken rule that the top jobs at the Fund and the World Bank belong to Europe and the U.S., respectively.