According to the International Monetary Fund, newly elected IMF Leader Christine LaGarde will be paid $550,000 yearly along with an annual allowance $83,760 for living expenses.LaGarde is the first woman to head the IMF and will start her 5-year term as managing director on Tuesday. As claimed to the terms of qualification the IMF said Lagarde is "expected to observe the highest standards of ethical conduct, consistent with the values of integrity, impartiality and discretion."Her take over is a pivotal period for the IMF, which is working closely with the European Union and the European Central Bank to provide troubled European economies and financial support for Greece.