Lagarde, a former French Finance minister and the first woman to lead the IMF, took the helm as IMF’s 11th director in 2011, and helped steer European fiscal policy, during the 2007-2009 financial crisis and its aftermath.
Africa on the other hand has been grappling with an economic downward spiral, especially Nigeria and South Africa, the continent’s economic powerhouses.
“We are talking about a darkening sky,we are talking about countries that are deep deep in trouble whether is in Nigeria,Angola,South Africa problems are slightly different but essentially commodities prices have collapsed what they are now earning is about a third of what they were now earning two years and that is pretty dramatic,”Aly Khan Sachu, Economist
But with wonderful results for Europe, what would her second term in office mean for Africa?
“The demand curve for the IMF is enormous the pipeline is huge and I cannot think of a better person to be at the hem of the IMF at the time when Africa is going to be calling on the IMF if they have not yet some like Nigeria is only because they are not ready to face the inevitable. The inevitable is that IMF is going to play a major role in the next few months and Mme Lagarde, would be a front of that effort,”Aly Khan Sachu, Economist
The IMF is an organisation comprising of 188 countries, whose main aim is to secure stability of the world’s monetary system, which it describes as the system of exchange rates and international payments that allows countries to transact with each other.
