Lagarde is widely respected for her leadership during Europe's financial crisis during the past three years
Source: Press TV
France's Christine Lagarde has been named the first ever female chief of the International Monetary Fund (IMF), replacing scandal-hit Dominique Strauss-Kahn.
"The executive board of the International Monetary Fund today selected Christine Lagarde to serve as IMF managing director and madam chairman of the executive board for a five-year term starting on July 5, 2011," the IMF said in a statement.
The French finance minister replaces Strauss-Kahn, who resigned on May 18 over charges of sexually assaulting a hotel maid in New York.
Lagarde is widely respected for her leadership during Europe's financial crisis during the past three years.
Lagarde “is the first woman named to the top IMF post since the institution's inception in 1944,” the statement added.