Lagarde takes on top IMF role at challenging time

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The executive board of the International Monetary Fund (IMF) on Tuesday selected Christine Lagarde as managing director of the Fund and chairman of the executive board.

Lagarde will begin a five-year term on July 5, 2011. She is the first woman appointed to the top IMF post since the institution was created in 1944.

The executive board selected "by consensus", which means no formal vote was taken.

Lagarde takes over at a difficult time for the Fund, with the shadow cast by the circumstances of

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