The International Monetary Fund`s historic quota and governance reforms that for the first time place four emerging market countries - Brazil, China, India, and Russia - among its 10 largest members have become effective.
Lagarde, the former French finance minister who has overseen the IMF through the challenging eurozone bailouts and is widely respected in the global financial community, has not said directly that she wants to renew her position.
The International Monetary Fund (IMF) on Tuesday kept India's growth projection unchanged at 7.3 percent in the current fiscal and 7.5 percent in the next, even as it cut world economic outlook to 3.4 percent for 2016.
Eurogroup chief Jeroen Dijsselbloem on Thursday said Greece had "fully accepted" that the International Monetary Fund take a role in its third bailout programme despite Athens earlier saying the fund is no longer needed.
China on Saturday welcomed the US Congress' ratification of the 2010 quota and governance reforms of the IMF that will give more voting rights and "enhance" the representativeness of emerging economies including India at the international institution.