IMF shortlists Lagarde and Carstens

The International Monetary Fund (IMF) has shortlisted French finance minister Christine Lagarde and governor of the bank of Mexico Agustin Carstens for the top job as managing director.

The post became available after the former head of the IMF Dominique Strauss-Kahn resigned following his arrest in the US last month on charges of an alleged sexual assault. He has denied the charges. Lagarde is considered as the front runner for the post, according to the BBC She is backed by the European Union and has also won the support of Egypt, Indonesia, and the United Arab Emirates. However, Carstens has the support of Latin American countries. The IMF said it expects to complete the selection process by 30 June.