Foreign

Georgieva fights to keep IMF role, with decision expected ‘very soon’

Published

on

Georgieva fights to keep IMF role, with decision expected ‘very soon’

Embattled International Monetary Fund chief Kristalina Georgieva was fighting for her professional life Saturday as the institution’s Executive Board considers evidence she manipulated data in favor of China while in a senior role at the World Bank.

The board said after a meeting Friday it will decide “very soon” whether she keeps her job, and could meet again on Saturday, a source close to the matter said on condition of anonymity.

The review pertains to an investigation by the law firm WilmerHale that found that during her time as World Bank CEO, Georgieva was among top officials who pressured staff into changing data to China’s benefit in the 2018 edition of its closely watched Doing Business report.

The board said it had made “significant progress” in its assessment of the case but agreed “to request more clarifying details with a view to very soon concluding its consideration of the matter.”

Georgieva, 68, has won the support of France and other European countries, the anonymous source said. However, the United States — a key member of the IMF — has not yet stated its position on this controversy, according to two sources with knowledge of the situation.

Time is of the essence with the IMF and the World Bank to begin their fall meetings on Monday.
“There is a review currently underway with the IMF Board, and Treasury has pushed for a thorough and fair accounting of all the facts,” said US Treasury spokeswoman Alexandra LaManna. “Our primary responsibility is to uphold the integrity of international financial institutions.”

– ‘Expeditious resolution’ -Georgieva, a Bulgarian national and economist by training, spoke to the IMF board on Wednesday.

She has repeatedly denied the report’s conclusions, and on Thursday released a letter from her attorney to the board objecting to WilmerHale’s findings, as well as her 12-page testimony to the 24 board members.

“I am pleased that I finally had the opportunity to explain to the IMF Board my role in the Doing Business report and how I respected the integrity of the report,” she said, adding that “I look forward to an expeditious resolution of the matter.”

The law firm found that Georgieva, along with her associate Simeon Djankov, a former Bulgarian finance minister who created the report, and Jim Yong Kim, then-president of the bank, pressured staff to change the calculation of China’s ranking to avoid angering Beijing.

The push came while bank leadership was engaged in sensitive negotiations with Beijing over increasing the bank’s lending capital.

According to the investigation, Beijing complained about its ranking of 78th on the list in 2017, and the next year’s report would have shown Beijing dropping even further.

In the final weeks before the report was released at the end of October 2017, Kim and Georgieva asked staff to look into updating the methodology in regard to China, according to the WilmerHale investigation.

Following the accusations, the World Bank scrapped its Doing Business report, which ranked nations based on their investment climate.

Georgieva began her leadership of the IMF on October 1, 2019, replacing Christine Lagarde, who was appointed to the European Central Bank, where she serves as president. Georgieva was the only candidate.

Short Link: https://wp.me/pcj2iU-3CQo

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

Zimbabwe commemorates World Food Day Consensus candidates win at Niger APC congress WFP and Khalsa Aid International enter into partnership to help the most vulnerable in two critical food crises 90% of schools in Nigeria lack hand-washing facility for children – UNICEF Borno APC returns executives for a second term Visit of Minister of State for External Affairs Shri V. Muraleedharan to the Republic of Sudan and the Republic of South Sudan (October 18-22, 2021) APC Congress: Omotoso emerges Ekiti chairman NGO boss decries rising crime wave Misuse of social media, a trigger of post-election crises – ECOWAS Police Chiefs Africa, a reliable friend, partner of China – Envoy FCTA set to attract youths to agriculture for sustainable livelihoods – Secretary Divided Nigeria will not survive – FG Statement attributable to the Spokesman for the Secretary-General – on the Central African Republic New Tin-Can-port jetty to take 2m off Lagos gridlock daily – FG Capacity building for yellow fever laboratory screening in South Sudan Russia tops 1,000 daily virus deaths for first time APC state Congress: Borno returns executives for second term Hundreds protest in Sudan’s capital against government There is hope; Northeast is at turning point – UN Cape Verde ready for credible elections Oct. 17, official tells ECOWAS mission N20bn bailout: Kogi govt demands apology from EFCC UK provides nearly £ 30million for humanitarian disaster in northern Ethiopia UN-Nigeria Jubilee Fellowship: 350,000 youths, 9,000 coys register in 10 days – Yahya PDP Congress: Atiku, Fintiri, 2,612 other delegates cast votes in Adamawa Accept election results to prevent violence – Police Chiefs tell ECOWAS politicians Insecurity: Coalition, author sue for unity, progress Myanmar junta chief excluded from ASEAN summit Abdullahi Abbas, Danzago set emerge factional chairmen as Kano APC holds parallel congresses Navy ship USS Hershel “Woody” Williams visits Maputo, Mozambique Security review after British MP stabbed to death in ‘terror’ attack Mozambique becomes first country to receive emissions reduction payments from the Forest Carbon Partnership Fund Slapfight Nigeria commences training for athletes, officials France pays tribute to teacher beheaded over Mohammed cartoons MEDIA INVITATION: update on the ongoing consultation process on the future of women’s football Bali earthquake kills three, injures seven U.S. Embassy Chargé d’Affaires and USAID National Representative Participate in Food Distribution to Commemorate World Food Day NASA launches Lucy probe to explore Jupiter asteroids IMF staff completes virtual mission to Lesotho Peace Corps helps launch vaccination campaign in Mantasoa commune Macron marks 60 years since Paris Algeria protest massacre Minister of State Annen in North Africa US government launches new project to fight corruption and wildlife trafficking in Madagascar Vibrant Afghan radio reduced to religious relic Thief flees in tractor after bungled Australian robbery CAS tasks troops on professionalism, discipline COVID-19: PSC issues revised international travel protocol into Nigeria World Food Day: Food waste, threat to food security – Minister NYSC tasks 5m ex-corps members on national unity Buhari congratulates newly elected NUJ Executives Hand washing can reduce infections by 50% – Minister