Osborne backs Lagarde for second term as IMF chief

Nomination process begins today

Christine Lagarde is set to serve a second five-year term as managing director of the International Monetary Fund after UK chancellor George Osborne put in an early vote to support her within seconds of the nomination process opening.

Lagarde's current five-year term ends in July and is widely considered to be successful in gaining leadership of the fund for a second term, according to the FT. Osborne's nomination for the former French finance minister came in at a minute past midnight this morning at the start of a three week nominating period for candidates. IMF's Lagarde: China is not all 'doom and gloom' He has expressed his support for Lagarde since October last year when he said she "exhibited outstanding leadership, skilfully steering the fund through big economic challenges". Lagarde is likely to rec...