Washington: The International Monetary Fund (IMF) announced Tuesday it has selected French Finance Minister Christine Lagarde as its next managing director, Xinhua reported.

Lagarde’s rival candidate was Mexico’s Central Bank governor Agustin Carstens.

The vacancy at the top IMF post came after former managing director Dominique Strauss-Kahn was forced to resign after he was arrested in New York on charges of sexual assault.

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