Lagarde favorite as IMF nominations close

US: French Finance Minister Christine Lagarde is the odds-on favorite to become the next IMF chief as nominations close Friday, with her main rival short of any endorsements from major economies.

With much of the International Monetary Fund’s resources now focused on Europe’s debt problems, Lagarde was expected to keep the region’s lock on the managing director slot, even though many experts said Mexico’s central bank governor Agustin Carstens was better-qualified.

Both were still intensely lobbying world leaders for support ahead of the IMF’s likely two-week process to choose a new chief from the shortlist.

Lagarde left China Thursday for Lisbon for the African Development Bank’s annual gathering. She then will travel to Saudi Arabia and Egypt. Meanwhile Carstens was expected in India Friday, and would arrive in Washington next week.

AFP