PARIS - The International Monetary Fund (IMF) should work on to "achieve stronger and sustainable growth, macroeconomic stability, and a better future for all," Christine Lagarde, the newly elected IMF chief, said Tuesday in her first declaration on the post.

The incumbent French finance minister said she was "deeply honored" by the IMF Executive Board's decision earlier on Tuesday to choose her as the organization's new managing director for a five-year term.

"I will make it my overriding goal that our institution continues to serve its entire membership with the same focus and the same spirit," she said, recalling the U.S.-based organization's contribution during the global economic and financial crisis.

"The IMF must be relevant, responsive, effective, and legitimate, to achieve stronger and sustainable growth, macroeconomic stability, and a better future for all," Lagarde stressed.

The IMF launched the selection process for the managing director last month after its former head Dominique Strauss-Kahn resigned following his arrest over alleged sexual assault on a hotel maid in New York. Strauss-Kahn denies the charges.