Finance Minister Pranab Mukherjee on Wednesday congratulated French Finance Minister Christine Lagarde on her appointment as the new Managing Director of the International Monetary Fund. In a letter to Lagarde, Mr Mukherjee said that it is widely expected that under her leadership IMF will deal effectively and fairly with the serious challenges which confront the global economy. He said that India looks forward to working closely with her in her new assignment. Lagarde is the first women head of the IMF since its inception in 1944. She has been selected for a five-year term starting July 5.