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IMF chief Georgieva to stay on despite allegations

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IMF chief Georgieva to stay on despite allegations

International Monetary Fund (IMF) watchdog has expressed “full confidence” in Managing Director Kristalina Georgieva amid allegations she was involved in manipulating a pro-China report during her stay at the World Bank.

The IMF Executive Board said in a statement on Monday that the information presented during the examination of the allegations “did not conclusively demonstrate that [Georgieva] played an inappropriate role in the Doing Business 2018 report when she was CEO of the World Bank.

“After reviewing all the evidence presented, the Board of Directors reaffirms its full confidence in the leadership and the ability of the CEO to continue to perform her duties effectively,” the statement said.

He added that the board trusts Georgieva’s “commitment to maintain the highest standards of governance and integrity at the IMF.”

A September report prepared by law firm WilmerHale and commissioned by the World Bank’s ethics committee said that during her time at the bank, “Georgieva was directly involved in efforts to improve the ranking. of China ”in the Doing Business report.

Georgieva is accused of pressuring employees in 2017 to prevent China from sliding down the World Bank’s Doing Business rankings, according to the WilmerHale report.

The report suggests that Georgieva and then bank chairman Jim Yong Kim did not want to scare Beijing ahead of an expected capital raise for the World Bank.

After changes were made to the data, Georgieva is accused of thanking the head of the unit in charge and praising his contribution to multilateralism.

Georgieva, who joined the IMF in late 2019, rejects these allegations.

The IMF statement says the fund’s board has met eight times to consider the matter.

US Treasury Secretary Janet Yellen, who represents the IMF’s largest shareholder, said on Monday that she spoke to Georgieva about the allegations, but that the United States sees no basis for a change in the IMF’s leadership.

She said, however, that a thorough, fair and timely review of WilmerHale’s findings was essential and that the Treasury would closely follow such a review.

“The United States believes that proactive steps must be taken to strengthen the integrity and credibility of data at the IMF,” Yellen said in a statement.

The alleged manipulation of data is serious business for the IMF and the World Bank.

The independent and apolitical collection and organization of data is part of the core business of Washington-based institutions.

The Doing Business report is said to contain other irregularities in the assessment of the business climate in other countries.

The World Bank has announced that it will abolish the much-cited ranking. (Dpa /)

Source: NAN

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