IMF boss set to run for second term

Christine Lagarde (IMF Chief)

The head of the International Monetary Fund, Christine Lagarde, has confirmed she will stand for a second term.

Ms Lagarde threw her hat into the ring during an appearance on French television. She told France-2 television on Friday that she wanted to continue at the helm of the organization, which has coordinated bailouts for countries and monitors economic reforms globally. Britain and Germany gave key backing Thursday, and Lagarde said she had also received support from China, South Korea and Mexico.

Developing countries have increasingly opposed an informal arrangement by which a European heads the IMF. The sister organization, the World Bank, has until recently typically been led by an American.

Her term in office expires on 5 July and the process to find a successor opened on Wednesday.

The UK's Chancellor of the Exchequer, George Osborne, has already said he is "delighted to nominate" her for a new term.

Last month, Ms Lagarde was ordered to stand trial in France for alleged negligence over a compensation payment to a top businessman, Bernard Tapie. She approved the payment in 2008 when she was French finance minister.

However, Ms Lagarde's lawyer described the decision to make her stand trial as "incomprehensible", and said the IMF boss would appeal.

Despite this controversy, commentators say she has no obvious challengers for the job.