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Lagarde takes up IMF post replacing Strauss-Kahn

11 July 2011 No Comment

FORMER French finance minister Christine Lagarde took up her post as the new head of the International Monetary Fund on Tuesday, after Dominique Strauss-Kahn quit in May to fight sexual assault charges.

Ms Lagarde, 55, is committed to serving five years as managing director of the world’s key crisis lender after three previous directors, all Europeans, left the job early, according to an IMF statement of her terms of appointment.

Ms Lagarde was given a pay package of US$467,940 (S$574,864) in annual salary net of any taxes, and $83,760 in allowances for maintaining a ‘scale of living appropriate’ to her position.

Her terms of appointment require her to ‘to observe the highest standards of ethical conduct, consistent with the values of integrity, impartiality and discretion.’

Such terms were not in the contract signed by her predecessor in 2007.

Strauss-Kahn resigned on May 18, five days after he was arrested in New York on allegations that he tried to rape a hotel chambermaid.

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