CM – The IMF Executive Board approves Kristalina Georgieva to remain Managing Director

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>> Alan Rappeport, The New York Times

Published: Oct 12, 2021 10:07 PM BdST

Updated: Oct 12, 2021 10:07 PM BdST

Kristalina Georgieva, left, the managing director of the International Monetary Fund, with Angela Merkel, the German Chancellor, in August. Pool photo by Clemens Bilan

The decision was made less than a month after an independent investigation commissioned by the World Bank concluded that it played a central role in meddling in the 2018 Doing Business survey. The results raise questions about their judgment and their ability to continue running the IMF. Ultimately, however, the Board decided that the investigation into Georgieva’s actions « did not conclusively show » that she had acted inappropriately. continue to perform their duties effectively, ”the IMF Executive Board said in a statement. « The board trusts the executive director’s commitment to upholding the highest standards of governance and integrity within the IMF. » she had used to get the job. The United States, which is the fund’s largest shareholder, declined to publicly support the allegations but ultimately did not request their removal.

Treasury Secretary Janet Yellen spoke to Georgieva on Monday, telling her that the World Bank’s investigation into its actions « raised legitimate problems and concerns, » the Treasury said. However, Yellen said that in the absence of « further direct evidence » of Georgieva’s role in the data manipulation at the World Bank, according to a reading of the call, there was no basis for a change in leadership in the fund.

The result could lead to a political setback for the Biden -Government lead. Republicans and Democrats in Congress had urged Yellen to insist on « full accountability » after it was discovered that Georgieva directed staff to find a way to ensure that China’s ranking in its annual report on the national business climate does not fall.

The Biden government and lawmakers from both parties were concerned about China’s growing economic clout and influence in multilateral institutions.

Treasury officials debated the gravity of the revelations for weeks and publicly insisted that the process be closed Review of Georgieva’s actions at the World Bank should be approved.

The World Bank’s Doing Business report assesses the business climate in countries around the world. Developing countries, in particular, placed great emphasis on their rankings, with which they attracted foreign investment.

At the time of the reported manipulation, World Bank officials were concerned about negotiations with members about a capital increase and were under pressure not to anger China In 2017, it was ranked 78th on the country list and should be relegated in the 2018 report.

According to the investigation, the staff of Jim Yong Kim, the bank’s then president, held meetings to find ways to improve China’s ranking. Georgieva also got involved, working with a top advisor to develop a way to make China look better without affecting other countries’ rankings.

The investigation found Georgieva « directly » involved in the effort was involved in improving China’s rankings and reprimanded the bank’s China director for poorly managing the bank’s relationship with the country.

Last week, the IMF’s executive board spent hours interviewing officials from the WilmerHale law firm conducted the World Bank investigation. They also interviewed Georgieva, who criticized the process of this investigation and insisted that she had acted appropriately.

« The WilmerHale report does not accurately describe my actions in relation to Doing Business 2018, nor does it represent my character or nature and Represent how I have behaved over a long professional career, ”Georgieva said in a statement to the Board of Directors; it was received from the New York Times.

Georgieva was a longtime World Bank employee who rose to chief executive. She was previously a member of the European Commission – the executive body of the European Union – and has a Ph.D. in economics at the University of National and World Economy in Sofia, Bulgaria, where she also taught.

Georgieva said in a statement on Monday evening that the episode had been difficult for her personally and that she was grateful that the IMF Board have expressed their confidence in their leadership.

« I am pleased that the IMF Board of Directors, after a thorough, impartial review of the facts, agrees that the allegations were unfounded, » said Georgieva. « Trust and integrity are the cornerstones of the multinational organizations that I have faithfully served for more than four decades. »

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