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Submitted by unname1 on Mon, 06/13/2011 - 09:57
French Finance Minister Christine Lagarde stretched her lead in the race for the IMF's top job on June 12 when Indonesia became the first big developing economy to back her publicly.

An 11th-hour challenge from Israel's respected central bank chief Stanley Fischer, announced on June 11, looked a long shot. Israel's finance minister conceded that the politics of the succession battle did not favor the IMF's former number-two official.

Indonesia, like many emerging economies, was previously non-committal about its choice for the next boss of the International Monetary Fund as Southeast Asian capitals discussed whether to put forward a candidate from the region.

Lagarde has secured the support of the European Union plus a handful of smaller countries but needs to secure backing from bigger emerging economies. On Sunday, she won a personal message of approval from her opposite number in Jakarta.

Several large emerging economies have been critical of the longstanding tradition of the IMF being led by Europeans.

But they have refrained from backing Mexican central bank governor Agustin Carstens, the only well-known challenger from an emerging economy until Fischer's announcement.

The French finance minister, who is on a world tour to drum up support, said during a Sunday stop in Cairo she had got "very affirmative" support from Egypt.

In a further boost for Lagarde, the United Arab Emirates declared its support for her on Sunday.

Reuters/VOVNews

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