FINANCE

The IMF, led by Crystalina Georgieva, has expressed “full confidence”


Kristalina Georgieva, managing director of the International Monetary Fund, spoke at a news conference in Washington, DC, in March 2020.

Liu Ji | Xinhua | Getty Images

The International Monetary Fund has decided to retain Kristalina Georgieva as its managing director, despite allegations that she influenced a report on behalf of China while at the World Bank.

The IMF’s executive board met on Monday to review allegations that Georgieva pressured staff to help improve China’s ranking in the World Bank’s “Doing Business” rankings.

The IMF said in a statement after its review, “Looking at all the evidence presented, the executive board re-establishes its full confidence in the leadership of the managing director and his ability to carry out his responsibilities effectively.”

The fund said the information presented during the review “does not conclusively prove that the managing director played an inappropriate role.”

Separately, Treasury Secretary Janet Yellen said in a statement that “there is no basis for a change in IMF leadership without more direct evidence of the role of managing director.”

Georgia has been the head of the IMF since October 2011.

Prior to that, he served as the head of the World Bank since 2001. It was this power that was driven by the law firm Wilmerhall and, at the request of the bank’s ethics committee, said it had influenced the results of some large studies to show China was better.

Wilmerhall said in September that during his tenure at the World Bank, “Georgieva was directly involved in efforts to improve China’s ranking. [in the Doing Business Report]. “

Georgieva has denied the allegations

The “Doing Business” report is an important part of the World Bank’s annual study that assesses how friendly a country is to business activity.

In the 201st report, China was ranked 5th at first, but with influence within the leadership group and Beijing’s intervention; According to the WilmerHale assessment, the country ranks 78th.

In a statement issued on September 16, Georgieva stated: “I strongly disagree with the results and the explanations. [of the WilmerHale report]. “

Countries such as France, Germany, Italy and the United Kingdom reportedly supported Georgieva as the IMF’s leader. However, some officials in the United States were a little more skeptical.

Yellen says the concerns are legitimate

In a statement Monday, Yellen said the Wilmerhall report raised “legitimate issues and concerns.”

“The United States believes that the IMF must take proactive steps to strengthen data integrity and credibility,” the statement said.

The World Bank said last month that it had decided to close the “Doing Business” report.

The bank said the decision was made after the Wilmerhall report and its internal audit reports “raised ethical issues, including the conduct of former board officials as well as current and / or former bank employees.”



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