Lagarde wins IMF race; Francois Baroin is new French FM

French Finance Minister Christine Lagarde has been elected to head the International Monetary Fund (IMF). Lagarde will succeed another frenchman, Dominique Strauss Kahn, who resigned last month, following arrest in a rape case.

The announcement of selection came after China and the US extended their support to Christine Lagarde, virtually sealing her victory. Replacing Christine Lagarde is Francois Baroin, who has been named the new French FM. 55 year-old Lagarde is the first woman to hold the IMF top job. Finance Minster Pranab Mukherjee today congratulated Lagarde and added that India was looking forward to work with Lagarde in her new role. Lagarde on her part said that it was indeed a very proud moment for her. Did you miss: Lagarde suited to head IMF; India voted for her, says Pranab