Washington: US President Barack Obama discussed the global economic situation and recent developments in fincancial markets with the IMF Managing Director Christine Lagarde, White House said.
   
This was Obama's first conversation with Lagarde since her appointment as IMF Managing Director on June 28.
   
Obama congratulated Lagarde on her new role and reinforced the importance of close cooperation between the United States and the IMF.
   
"The President and the Managing Director agreed on the need for policies that foster growth and job creation in the near term, while securing medium-term fiscal consolidation," the White House said.
     
Obama and Lagarde also concurred on the importance of rebalancing global demand towards emerging markets, the White House said.

(Agencies)