The International Monetary Fund (IMF) appointed former French finance minister Dominique Strauss-Kahn as its new managing director, a statement released Friday by the IMF governing board said.

Strauss-Kahn succeeds Spain’s Rodrigo de Rato, who is expected to step down in October, two years before his term ends. De Rato’s predecessor Horst Kohler also left the institution’s top seat early and became German president.

The 58-year-old economics professor was elected unanimously and will have the tough task of reviving the organization’s fading relevance during his five-year tenure, which starts on November 1.

Strauss-Kahn was nominated by the European Union to succeed de Rato and received the support of Africa and the United States in his race against Josef Tosovsky. The former Czech prime minister had only Russia’s backing, the Prague government refusing to throw its support behind Tosovsky.

After the announcement was made Friday, Strauss-Kahn pledged to “pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment.”

He is a member of the French social-democrat Socialist Party and served as finance and economics minister between 1997 and 1999 in Lionel Jospin’s government. Strauss-Kahn also worked as a corporate lawyer and since 2000 has taught at the Paris Institute of Political Studies.

The International Monetary Fund was set up to help Europe reconstruct after it was ravaged by World War II, but became known for aiding countries in financial crisis. The “organization of 185 countries“ provides financial assistance to these countries but under the condition of tough economic reforms, a condition often criticized.

Now, the IMF faces growing questions about its relevance as the number of loans dropped seriously over the past years. Due to this drop, the fund’s income from loan repayments by governments is expected to plummet dramatically in the following years.

Referring to this crisis last week, Strauss-Kahn said the organization’s “very existence” as an entity that secures financial stability is jeopardized. He vowed to win back the confidence of countries and address the requests of poor nations countries along with those of developing economies, which want a greater share of power in IMF decision-making.

The emerging economies are contesting the pact according to which a European leads the IMF while a US national has the reigns of the World Bank. Both agencies are based in Washington.