If given the job, Christine Lagarde would become the IMF's first female leader The Chancellor, George Osborne, is to formally nominate Christine Lagarde for the post of managing director of the International Monetary Fund (IMF).
Mr Osborne believes that the French economy minister, a member of President Sarkozy's UMP party, is "far and away the outstanding candidate".
He also says she backs the economic measures he believes are necessary.
The position became vacant after Dominique Strauss-Kahn resigned so he could fight sexual assault charges.
Mr Strauss-Kahn is currently in New York on bail awaiting trial for sexual assault and attempted rape, charges he denies.
Mr Osborne said Ms Lagarde would be elected on a "merit-based candidacy, as she's been an outstanding finance minister and has chaired the G20 finance ministerial meetings this year in an effective and consensual way".
He also said she was "a strong backer of the type of fiscal austerity measures we think are necessary" to restore the world's major economies to full health.
Treasury sources told the BBC's business correspondent Joe Lynam that they were confident she would also get the backing of the Chinese and US governments.
She has already won praise for her credentials from the interim head of the IMF, John Lipsky, the Italian government, the Swedish finance minister and Jean-Claude Juncker, who chairs the eurozone committee of finance ministers.
There is a range of possible contenders for the top job at the International Monetary Fund. Find out about some of them
Christine Lagarde French finance minister
France
If the post goes to a European, French Finance Minister Christine Lagarde, 55, looks like the leading candidate. A flawless English speaker, she was voted best finance minister in Europe by the Financial Times in 2009. Counting against her is her nationality since so many previous IMF chiefs have been French.
Peer Steinbrueck Former German finance minister
Germany
Mr Steinbrueck, 62, is a long-shot to become IMF chief, in part because he alienated allies of Germany with his fiery rhetoric while serving as finance minister in conservative Chancellor Angela Merkel's "grand coalition" from 2005 to 2009. He also alienated the United States by openly blaming it for the global financial crisis.
Axel Weber Former head of Bundesbank
Germany
Mr Weber, 54, stunned Europe by announcing in February that he would be stepping down early from his post as head of the German central bank, the Bundesbank. Like Mr Steinbrueck, Mr Weber has a reputation as something of a loose cannon, who speaks his mind without regard to political or diplomatic constraints.
Kemal Dervis Former economy minister
Turkey
Mr Dervis is credited with bringing Turkey back from the brink after a disastrous 2001 financial crisis, by pushing through tough reforms and helping secure a multi-billion dollar IMF bail-out. He had previously risen to vice-president at the World Bank. Seen as a leading candidate if the IMF post goes to someone outside central Europe.
Trevor Manuel Ex Finance minister
South Africa
Mr Manuel, 55, is well-respected in global financial circles, having served as finance minister of South Africa from 1996 to 2009. Born in Cape Town under apartheid, he was imprisoned repeatedly by the South African government for political activities in the late 1980s.
Agustin Carstens Governor Bank of Mexico
Mexico
Mr Carstens, 52, has spent most of his professional career as an economic policymaker in his home country, becoming governor of the Bank of Mexico in January of last year after previously serving as the bank's chief economist. He had a successful stint at the IMF from 2003 to 2006.
Gordon Brown Former UK Prime Minister
British
The 60-year old former UK prime minister and finance minister has long been seen as a candidate for the IMF job or another big international financial post. But his successor David Cameron - whose support he would need - has dismissed him as a "deficit denier", adding that it was time to look beyond Europe.
Tharman Shanmugaratnam Finance minister/deputy prime minister
Singapore
The 54-year-old has been the country's finance minister since 2007 and on Wednesday added the new job of deputy prime minister. With degrees from the London School of Economics and Harvard. He recently became the first Asian to hold the post of chairman of the IMF's policy advisory committee.
Montek Singh Ahluwlia Economic adviser to India's PM
India
Mr Ahluwalia, 67, is an influential economic adviser to Indian Prime Minister Manmohan Singh and has been a key figure in the country's economic reforms from the mid-1980s onwards. He supports open markets and has pushed the government to end fuel price controls and remove barriers to foreign business. His age may count against him.
If elected, Ms Lagarde would be the first woman to lead what many describe as the global lender of last resort.
Other contenders include former German finance minister Peer Steinbrueck; Axel Weber, the former head of the German central bank, the Bundesbank; and Trevor Manuel, former South Africa finance minister.
Traditionally the head of the IMF comes from Europe with America providing the boss of its sister organisation - the World Bank.
Mr Strauss-Kahn was the fourth Frenchman to have held the IMF's top job.
With the recent emergence of Brazil, Russia, India and China, many global figures - including the head of the Organisation for Economic Co-operation and Development - had called for the IMF job to go to a non-European.
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Source: http://www.bbc.co.uk/go/rss/int/news/-/news/uk-politics-13486709
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