IMF to select new MD in the midst of turmoil

Tokyo

THE International Monetary Fund (IMF) on Thursday signalled it has begun selecting its next managing director. While the odds appear high that Christine Lagarde will win a second five-year term, some believe rival candidates could emerge.

News of the move came as Ms Lagarde was warning delegates at the World Economic Forum in Davos, Switzerland of severe downside risks to the global economy, and she won the backing of British Chancellor of the Exchequer George Osborne and others to continue at the IMF helm during these turbulent times