Will Lagarde face BRICS challenge as IMF term nears end?

As International Monetary Fund chief Christine Lagarde’s mandate enters the final stretch, emerging-market powers seem hesitant about teaming up to try to wrest the job away from Europeans. The IMF managing director has said she is “open” to seeking another term when her time is up in July 2016, while the so-called BRICS — Brazil, Russia, India, China and South Africa — seem divided about a power bid. “Developing countries have insisted on a merit-based selection process, not the current arrangement where the Fund managing director is always a European,” said a spokeswoman for South Africa’s treasury department.

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