IMF has 'confidence' in Christine Lagarde, facing trial in France

WASHINGTON: The IMF expressed confidence in its chief Christine Lagarde today after she was ordered to stand trial in France over her role in a massive state payout to a French tycoon.

The International Monetary Fund's executive board, representing 188 member nations, "continues to express its confidence in the managing director's ability to effectively carry out her duties," IMF spokesman Gerry Rice said in a statement.

Lagarde, who has headed the IMF since July 2011, was charged with negligence in the handling of the 2008 government payout to French tycoon Bernard Tapie during her tenure as finance minister.

Tapie was awarded more than 400 million euros ($433 million) in a 2008 dispute with the bank Credit Lyonnais over the sale of sportswear giant Adidas in 1993.

Since the opening of a French investigation into the handling of the Tapie case in August 2011, the IMF has steadfastly reaffirmed its confidence in Lagarde, whose mandate expires next July and who recently has said she is open to serving a second five-year term.

"The board will continue to be briefed on this matter," Rice said.

Lagarde announced today she would fight the order to stand trial in the case.