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S. Korea backs IMF chief's bid for 2nd term

All News 15:34 January 22, 2016

SEJONG, Jan. 22 (Yonhap) -- South Korea expressed support for Christine Lagarde's bid to lead the International Monetary Fund (IMF) for a second term on Friday, citing the incumbent's success in pushing forward critical reforms.

The finance ministry said an official letter was sent by Yoo Il-ho, the country's top economic policymaker, to Lagarde on Thursday confirming Seoul's support.

The current IMF general manager's five-year term ends in July, and she expressed a desire to stay on for another term.

The ministry said Lagarde has been instrumental in pushing forward reforms that reshuffled voting rights within the IMF to better reflect the contributions each country makes to the group's operations.

In addition, Seoul said the general manager has done a good job in helping to move the global economy forward following the 2007-2008 global financial crisis.

Her handling of getting the Chinese yuan in the Special Drawing Rights basket needs to be lauded, the ministry said.

Besides her leadership skill, the ministry said Lagarde contributed to the forging of closer ties between South Korea and France while she was the European country's finance minister.

Under IMF rules, candidates for the general manager's position must make a formal bid by Feb. 10. Observers said that for now, there really is no strong contender for the IMF's position other than Lagarde.

Before South Korea made its intent known, Germany and Britain outlined their support along with France.


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