U.S. Treasury Secretary Tim Geithner said Tuesday that he supports French finance minister Christine Lagarde as head of the International Monetary Fund.
"Minister Lagarde's exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy," Geithner said in a statement.
The global financial organization is expected to vote on a new managing director as early as Tuesday to replace Dominique Strauss-Kahn, who was arrested in New York last month on sexual assault charges.
The vote on whom to appoint to the influential post comes at a crucial time for the IMF, which has been working closely with the European Union and the European Central Bank to provide financial support for Greece and other troubled European economies.
The only other contender is Mexican Central Bank chief Agustin Carstens, who has been supported by Australia, Canada and Mexico.
Geithner commended Carstens "on his strong and very credible candidacy."
Lagarde, who would be the first woman to run the IMF, is also backed by the United Kingdom, Germany and most European powers. Some Asian and African nations have also signaled support for her candidacy.
The fund's 24-member executive board seeks to agree on a new managing director by consensus.
The IMF, which is made up of 187 member countries, has traditionally been led by a Western European official.
For Greece, the real challenge is still ahead
Some developing nations had pushed to break that tradition, arguing that the IMF should consider candidates from rising economic powers in Asia and South America.
In a statement to the IMF's executive board released last week, Lagarde said the fund "belongs to no one but its 187 member states."
"I am not here to represent the interest of any given region of the world, but rather the entire membership," she continued.
The fund was established in 1947 to help rebuild the international monetary system after World War II. In addition to monetary cooperation and exchange rate stability, the IMF works to facilitate international trade and promote economic growth around the world.
The IMF has been led by John Lipsky, a veteran deputy managing director, since May 19.
Strauss-Khan pleaded not guilty earlier this month to seven charges involving a May 14 incident in which a housekeeping employee at New York's Sofitel hotel accused him of sexual assault.
Once considered a top candidate in France's next presidential race, Strauss-Khan officially resigned from the IMF on May 19. He is being held under house arrest in a Manhattan apartment on $6 million in bail money.
