The International Monetary Fund expressed “full trust” in Kristalina Georgieva’s leadership

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Kristalina Georgieva, Managing Director of the International Monetary Fund, speaks at a press conference in Washington, DC on March 4, 2020.

Liu Jie | Xinhua | Getty Images

The International Monetary Fund decided to retain Kristalina Georgieva as managing director, despite accusations that she influenced a China-biased report during her tenure at the World Bank.

The Executive Board of the International Monetary Fund met on Monday to review allegations that Georgieva pressured staff to help improve China’s ranking in the World Bank’s “Business Environment” rankings.

The International Monetary Fund said in a statement after the review: “After reviewing all the evidence provided, the Executive Committee reaffirms its confidence in the leadership of the CEO and the ability to continue to perform its duties effectively.”

The fund stated that the information provided during the review “does not conclusively prove that the managing director played an improper role.”

In addition, Treasury Secretary Janet Yellen said in a statement that “without further direct evidence of the role of the managing director, there will be no change to the foundation of the leadership of the International Monetary Fund.”

Since October 2019, Georgieva has been the boss of the International Monetary Fund.

Prior to this, she served as the President of the World Bank since 2017. better one.

Wilmer Hale stated in September that during her tenure at the World Bank, “Georgieva was directly involved in efforts to improve China’s rankings. [in the Doing Business Report].”

Georgieva denies allegations

The “Business Environment” report is the flagship work of the World Bank’s annual research and is used to assess the friendliness of a country to business activities.

In the 2018 report, China initially ranked 85th, but after being influenced by the leadership team and intervention from Beijing; according to Wilmer Hale’s assessment, the country finally ranked 78th.

In a statement on September 16, Georgieva said: “I fundamentally disagree with the findings and explanations of the investigation. [of the WilmerHale report].”

According to reports, countries such as France, Germany, Italy, and the United Kingdom support Georgieva to continue to serve as the leader of the International Monetary Fund. However, some officials in the United States are skeptical.

Yellen says worry is reasonable

Yellen said in a statement on Monday that Wilmer Hale’s report raised “legitimate issues and concerns.”

The statement read: “The United States believes that active measures must be taken to strengthen the IMF’s data integrity and credibility.”

The World Bank said last month that it had decided to stop publishing the Doing Business Report.

The bank stated that the decision was made after the WilmerHale report and its internal audit report “raised ethical issues, including the conduct of former board officials and current and/or former bank employees.”

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