IMF candidate Lagarde cancels Israel visit

French Finance Minister Christine Lagarde informed the Israeli Presidential Conference on Wednesday that she will be unable to participate in next week's conference as she has been requested to appear before the International Monetary Fund executive board to be interviewed as its next managing director.
Lagarde is considered likely to beat her only opponent, Mexican Central Bank chief Agustin Carstens, to become IMF chief. Bank of Israel Governor Stanley Fischer also nominated for the position, but was informed on Tuesday that he was ineligible under the fund’s rules, which state that the managing director must be no older than 65 when they assume office.
While the conference said in a statement that it is disappointed Lagarde will not be participating, the event will still feature numerous economic and business leaders, including Fischer, European Central Bank Governor Jean-Claude Trichet and former World Bank President James Wolfensohn.
The Third Israeli Presidential Conference will be held from June 21 -23 in the International Convention Center in Jerusalem and will be attended by more than 4,000 people from around the world.