IMF closes ranks behind its chief to protect the Fund's wider interests

Tokyo

BY closing ranks in support of managing director Christine Lagarde after a French court found her guilty of criminal charges linked to misuse of public funds, the International Monetary Fund's (IMF) executive board has moved to protect the Washington-based institution itself, as well as its head.

Executive directors of the IMF said in a statement they had considered the French court's decision announced on Monday and that they maintained "full confidence in the managing director's ability to continue to effectively carry out her duties".

A change in leadership of the IMF at this point in time could have exposed the Fund to a potentially lengthy and damaging leadership battle a…