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Lagarde builds support for IMF job

Lagarde builds support for IMF job
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French Finance Minister Christine Lagarde continues to pick up support in her bid to run the International Monetary Fund.

Indonesia is the first big developing economy to publicly back her.

Lagarde, on a world tour to drum up support, said she has “very affirmative” support from Egypt and the backing of Bahrain, Qatar and the United Arab Emirates in contrast to the lukewarm reception she got in China and India.

She is promising all those countries a bigger say in the IMF: “Under-represented countries, such as the emerging countries, lately should be better represented and that applies to governance, that applies to quota [voting power], that applies to staff origination and I think that if you couple all these improvements then you improve the legitimacy of the fund.”

Mexico’s central banker Agustin Carstens has put himself forward as the candidate for the developing world but has failed to gain significant support.

The IMF board is due to choose the next managing director by June 30.