The Finance Minister of France Christine Lagarde aging 55 has been chosen as the head of International Monetary Fund (IMF). She is the first lady to head IMF. Ms Lagarde for this job fought against Mexico’s Agustin Carstens, although an IMF’s statement says that both the candidates were well qualified for this post.

Ms Lagarde got the backing from Europe and America and many emerging market nations, which also includes India, China, and Brazil. After Dominique Strauss-Kahn resigned the post became vacant.

After the announcement Ms Lagarde said via Twitter “The results are in: I am honoured and delighted that the board has entrusted me with the position of MD of the IMF!” The IMF in a statement said that the board of 24 members regarded both the candidates highly qualified for the post, but decided to choose Ms Lagarde as the head by consensus.

Mr Carstens said that his best wish nad full support are with Ms Lagarde and hopping that she would make a meaningful progress in the governance of the institution. As per Timothy Geithner the US Treasury Secretary the exceptional talent and long experience of Minister Lagarde would be invaluable for the institution which is now going through a critical time for the global economy.

Since 1944 when IMF was created till now, Ms Lagarde is the first woman to become the managing director of it. And the tradition is maintained by her that the post is held by a European.