France's Christine Lagarde was named on Tuesday the first woman head of the International Monetary Fund (IMF).
Lagarde, 55, had earlier received the backing of both the U.S. and Russia over rival candidate Agustin Carstens of Mexico.
Lagarde has been the French minister of finance since June 2007.
The post became vacant after the May 18 resignation of Dominique Strauss-Kahn, who was earlier arrested in New York on charges of sexual assault.
"The results are in: I am honoured and delighted that the board has entrusted me with the position of MD of the IMF!" Lagarde said via Twitter.
"The executive board of the International Monetary Fund today selected Christine Lagarde to serve as IMF managing director and madame chairman of the executive board for a five-year term starting on July 5, 2011,” the IMF said.
