MEXICO CITY - Bank of Mexico Governor Agustin Carstens is congratulating French Finance Minister Christine Lagarde on her election as managing director of the International Monetary Fund.

Lagarde was chosen over Carstens on Tuesday for leadership of the lending organization.

Carstens says he welcomes Lagarde's selection and extends his "best wishes and full support."

His emailed statement says he also hopes Lagarde will "make meaningful progress in strengthening the governance of the institution."

Lagarde replaces Dominique Strauss-Kahn. He resigned after being charged with sexually assaulting a New York City hotel housekeeper.

Lagarde is the first woman to head the organization.