You're reading: Brazil backs France’s Lagarde in IMF race

Brazil will back French Finance Minister Christine Lagarde as the next managing director for the International Monetary Fund, a government source told Reuters on Tuesday.

With Lagarde also garnering support from the United States earlier in the day, she appeared poised to land the job, succeeding Dominique Strauss-Kahn after his resignation on sexual assault charges in New York.

An informal Reuters survey already showed Lagarde with enough votes to defeat Mexican Central Bank Governor Agustin Carstens.

The race for the job comes as developing economies are pushing for more influence at the fund, which is traditionally headed by a European.

As powerhouse emerging markets such as Brazil, China and India have grown economically, those countries have complained that they still suffer from under-representation at the IMF.

The struggle at the IMF reflects the state of the global economy, too, with emerging markets posting brisk growth even as many developed countries — among them the United States and parts of Europe — are still trying to stoke growth.
Carstens has drawn support from a number of countries, including Canada and Australia. In Latin America, Peru and Chile have backed Carstens.