France’s Finance Minister Christine Lagarde, 55, has been named the first woman to head the International Monetary Fund (IMF).

Ms Lagarde fought off Mexico’s Agustin Carstens for the job, although an IMF statement said that both candidates "were well qualified".
She received backing from America and Europe and key emerging market nations, including China, India and Brazil.

The post became vacant following the resignation of Dominique Strauss-Kahn.

"The results are in: I am honoured and delighted that the board has entrusted me with the position of MD of the IMF!" Ms Lagarde said via Twitter minutes after the announcement.

In a statement, the IMF said that its 24-member board regarded both candidates as highly suitable for the job, but had decided on Ms Lagarde "by consensus".

’Leadership’
Messages of support poured in, with UK Chancellor of the Exchequer George Osborne saying he was "delighted" and French President Nicolas Sarkozy calling it "a victory for France".

Mr Carstens said he had sent Ms Lagarde his "best wishes and full support", adding that he hoped she would "make meaningful progress in strengthening the governance of the institution".

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I will make it my overriding goal that our institution continues to serve its entire membership”

Christine Lagarde IMF Managing Director
US Treasury Secretary Timothy Geithner said: "Minister Lagarde’s exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy."

Although Ms Lagarde is the first woman to become managing director since the IMF was created in 1944, she maintains the tradition that the post is held by a European.

It has been convention that Europe gets the IMF, while an American gets the top job at the World Bank.

Mr Carstens, Mexico’s central bank governor, campaigned on a platform that this time the IMF chief should reflect the emergence of developing nations as an economic force.

However, Ms Lagarde toured the world drumming up powerful support in the Middle East, Asia and South America.

Her appointment looked effectively sealed on Tuesday when America and Russia came out in her favour.

Immediate task
In a signal to IMF members who fear she will be overly-focused on Europe, Ms Lagarde said in a statement: "I will make it my overriding goal that our institution continues to serve its entire membership.