IMF board choice hangs over Georgieva as IMF-World Financial institution annual conferences start By Reuters

© Reuters. FILE PHOTO: International Monetary Fund (IMF) Executive Director Kristalina Georgieva speaks during a final press conference for the International Monetary Finance Committee, during the 2019 Annual Conference of Finance Ministers of the IMF and World Bank

By Andrea Shalal

WASHINGTON (Reuters) – Data manipulation allegations against International Monetary Fund executive Kristalina Georgieva were set to surface at the opening of the IMF and World Bank’s weeklong annual meetings on Monday, as the fund’s board failed to complete its review after yet another marathon meeting.

The IMF board of directors met with Georgieva and the law firm on Sunday, which claims it pressured World Bank staff to change dates to improve China’s “doing business” ranking when she was World Bank chief in 2017, the IMF said in a statement, adding that the board had tried to “clarify details” in the review.

“The Board of Directors made further significant progress today in its assessment to conclude its review of the matter very soon,” said the Fund.

The 24-member IMF board of directors plans to meet again on Monday to decide Georgieva’s future at the helm of the global crisis lender, people familiar with the plans said. The meeting will take place when senior officials from many of the Fund’s 190 member countries arrive in Washington for the IMF and World Bank fall meetings, the sources said, speaking on condition of anonymity.

The IMF Executive Board debated five hours earlier on Friday adjournment and planning separate meeting on Sunday with Georgieva and lawyers for the WilmerHale law festivals. These meetings continued on Sunday into the evening hours.

The scandal threatens to overshadow the high profile meetings where Georgieva, World Bank President David Malpass, and other senior officials plan to discuss the global economy, the ongoing COVID-19 pandemic and international taxation.

Georgieva has, the date of which goes back to ins 2017 when she was head of the World Bank. In October 2019 she became Managing Director of the IMF.

Investigation report from WilmerHale for the board of directors of the World Bank – September-15-2021.pdf claimed Georgieva was putting “undue pressure” on bank employees at the time to make data changes to improve China’s ranking in flagship “Doing Business” report, just as the bank was giving Beijing support for a major sought capital increase.

Georgieva’s attorney says, the WilmerHale investigation had employees of the The World Bank violates rules in part by denying it the opportunity to respond to the allegations, a claim the firm denies.

No comment on the Sunday meetings was immediately available from Georgieva or the law firm.

France and other European governments backed the Bulgarian economist on Friday to end her tenure as head of the IMF, while US officials and others sought more time to review the various reports of data irregularities in the World Bank’s flagship report, “Doing Business ” to study.

The Financial Times reported Sunday that the United States and Japan want Georgieva out of the job, without naming specific sources.

The US Treasury Department, which controls 16.5% of the IMF’s shares, declined to comment on the FT report. No comment was immediately available from the Japanese embassy in Washington.

Disclaimer: Fusion Media would like to remind you that the data contained on this website is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.

Fusion Media or any other person involved in Fusion Media assumes no liability for any loss or damage that may arise from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.

Comments are closed, but trackbacks and pingbacks are open.