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S'pore supports second term for Lagarde at IMF's helm

SINGAPORE has declared its support for International Monetary Fund (IMF) managing director Christine Lagarde to serve a second term, joining a wave of early boosters for the former French finance minister.

"Christine Lagarde has led the IMF through extremely challenging times internationally," Monetary Authority of Singapore chairman Tharman Shanmugaratnam said in a statement. "She has done so with exceptional capability, and has won the trust of both its advanced and developing members. Singapore supports Ms Lagarde serving a second term, and I am confident she will continue to lead the IMF with conviction and in an inclusive way."

Singapore joins a chorus of voices that have emerged early in the IMF's nomination period to give Ms Lagarde a powerful mandate for another five-year term, and possibly stave off any challengers. Officials from China, France, Germany, Mexico, the United Kingdom and the United States have already made known their support for Ms Lagarde.

The IMF's three-week nomination period began on Jan 21.

Ms Lagarde became head of the IMF in 2011 after her predecessor, Dominique Strauss-Kahn, resigned over allegations of sexual assault that were later dismissed. She was the first woman to lead the global monetary organisation.

During her first term, the IMF played a key role in helping to restructure Greece's debt. The inclusion of the Chinese yuan in the IMF's basket of reserve currencies also took place during Ms Lagarde's watch.