Christine Lagarde takes over as International Monetary Fund chief

Christine Lagarde on Tuesday took over as the new chief of the International Monetary Fund (IMF), replacing Dominique Strauss-Kahn, as it gears to play a key role in shaping the global economic future, giving more voice to emerging economies like India.

The former French Finance Minister assumed charge as the new Managing Director of IMF for a five year term, saying it will be her overriding goal that "our institution continues to serve its entire membership with the same focus and the same spirit".

"As I have had the opportunity to say to the IMF Board during the selection process, the body must be relevant, responsive, effective, and legitimate to achieve stronger and sustainable growth, macroeconomic stability, and a better future for all," she had said in a statement after she was elected late in June.

Lagarde was selected as the managing director by the IMF Board on June 28. She replaces her countryman Dominique Strauss-Kahn, who resigned after he was arrested in New York last month on sexual assault charges.

The IMF in its letter of appointment said her annual salary would be $467,940 per annum, net of income taxes. In addition to this she would be receiving an allowance of $83,760 per annum.

IMF asked her to "observe the highest standards of ethical conduct, consistent with the values of integrity, impartiality and discretion."

Under the terms of IMF, she has also been debarred from attending any political party meetings.