WASHINGTON - World Bank President Robert Zoellick on Tuesday welcomed the appointment of Christine Lagarde as Managing Director of the International Monetary Fund (IMF), the Bank's sister agency.

"I would like to congratulate Christine Lagarde on her appointment as Managing Director of the IMF. The IMF plays a critical role in the global financial system. The World Bank Group and the IMF have worked ever more closely in the last few years to support countries as they recover from the global economic crisis, and to avert crises going forward," Zoellick said in a statement.

"Wherever she has worked, she has had a strong voice and impact. I look forward to working closely with her and with the IMF under her leadership," Zoellick added.

The Executive Board of the IMF announced Tuesday that it has picked Lagarde to serve as IMF Managing Director for a five-year term starting on July 5, 2011, making Lagarde the first woman named to the top IMF post since the institution's inception in 1944.