French Economy minister Christine Lagarde was named director of the IMF, becoming the first woman to occupy the position, AFP reads. The IMF board chose Lagarde as general director and president of the board for a 5 year mandate starting July 5, 2011 a press release of the IMF reads quoted by Reuters.

Lagarde obtained the position after China, Brazil and Russia sustained her candidacy. The US also announced its support for Lagarde before the Tuesday meeting of the 24 members of the board.