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M. Continuo

IMF board stands behind Lagarde over French probe


    WASHINGTON (Reuters) - The International Monetary Fund's board on Friday stood behind the global lender's leader, Christine Lagarde, who is facing a criminal investigation in France tied to a political corruption probe dating from 2008.

    French magistrates earlier this week put Lagarde under formal investigation for "negligence" after questioning her in Paris for a fourth time. The long-running saga concerns allegations that tycoon Bernard Tapie won a large arbitration payout due to political connections when Lagarde was French finance minister.

    "The Executive Board has been briefed on recent developments related to this matter, and continues to express its confidence in the Managing Director's ability to effectively carry out her duties," the board said in a statement.

    (Reporting by Anna Yukhananov)