Lagarde is the Favorite as IMF Close Nominations

On Friday the International Monetary Fund (IMF) closed the nomination process to elect a new leader. French Finance Minister Christine Lagarde, is the favorite one despite the legal shadow, obscuring her nomination. Her only rival is known Mexican central bank chairman, Agustin Carstens.

Another candidate for the office is the chairman of the central bank of Kazakhstan, Grigory Marchenko, pulled himself out of the leadership race on Friday as he assumed that Lagarde will be the chosen one.

The French court today adjourned until July 8 a decision on opening an investigation on Lagarde for alleged abuse of power.

The news will come after the announcement of the name of the next IMF managing director, which the agency plans to do on June 30.

Source: El Nuevo Herald