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Lagarde set for new IMF term after nomination deadline passes

[WASHINGTON] Christine Lagarde is set to win a second term as managing director of the International Monetary Fund, after no candidates emerged to challenge her.

IMF governors and executive directors had until 11:59 pm New York time Wednesday to nominate candidates to replace Lagarde, whose five-year term expires July 5. The fund's executive board, which represents the institution's 188 member nations, plans to complete the selection process as soon as possible.

"The period for submitting nominations for the position of the next managing director closed on Wednesday," Aleksei Mozhin, dean of the executive board, said in a statement on Thursday. "One candidate, Christine Lagarde, has been nominated."