The head of the International Monetary Fund, Christine Lagarde, has confirmed she will stand for a second term, according to the BBC.

Ms Lagarde threw her hat into the ring during an appearance on French television.

Her term in office expires on 5 July and the process to find a successor opened on Wednesday.

The UK's Chancellor of the Exchequer, George Osborne, has already said he is "delighted to nominate" her for a new term.

She has also received the backing of Germany, China, France and Korea.

/By AzerTac/