IMF board decision hangs over Georgieva as IMF-World Bank annual
meetings begin
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[October 11, 2021] By
Andrea Shalal
WASHINGTON (Reuters) - Data-rigging
allegations against International Monetary Fund Managing Director
Kristalina Georgieva were set to loom over the opening of week-long IMF-World
Bank annual meetings on Monday as the Fund's executive board failed to
conclude its review after yet another marathon meeting.
The IMF board met on Sunday with Georgieva and the law firm that claims
she pressured World Bank staff to change data to boost China's "Doing
Business" ranking when she was World Bank CEO in 2017, the IMF said in a
statement, adding that the board had sought to "clarify details" in the
review.
"The board made further significant progress today in its assessment
with a view to very soon concluding its consideration of the matter,"
the Fund said.
The 24-member IMF board 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.
One source familiar with the discussions expressed confidence that the
IMF chief would be cleared by the board.
France and other European governments on Friday backed the Bulgarian
economist to complete her term as IMF chief, while U.S. officials and
others had sought more time to study the differing accounts about data
irregularities in the World Bank's now-cancelled flagship "Doing
Business" report.
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The scandal threatens to overshadow the high-profile meetings, where
Georgieva will take a lead role in discussions on global recovery from
the COVID-19 pandemic, debt relief and efforts to speed vaccinations,
along with World Bank President David Malpass.
MARATHON SESSIONS
The IMF's executive board debated the matter for five hours https://www.reuters.com/business/imf-board-debate-georgievas-future-with-some-backing-europe-sources-2021-10-08
on Friday before adjourning and scheduling separate meetings on Sunday
https://www.reuters.com/business/
exclusive-imf-board-meet-sunday-more-talks-georgievas-future-2021-10-09
with Georgieva and attorneys from the WilmerHale law firm. Those
meetings stretched late into Sunday night.
[to top of second column] |
![](../images/101121pics/2021-10-11T035233Z_3_LYNXMPEH990C7_RTROPTP_4_WORLDBANK-ETHICS_small.JPG)
International Monetary
Fund (IMF) Managing Director Kristalina Georgieva makes remarks
during a closing news conference for the International Monetary
Finance Committee, during the IMF and World Bank's 2019 Annual
Meetings of finance ministers and bank governors, in Washington,
U.S., October 19, 2019. REUTERS/Mike Theiler
![](http://archives.lincolndailynews.com/2021/Oct/11/images/ads/current/graue_preowned_100421.png)
Georgieva has strongly denied
https://www.skdknick.com/
wp-content/uploads/2021/10/2021.10.06-Statement-of-Kristalina-Georgieva-to-IMF-Executive-Board.pdf
the allegations, which date back to 2017, when she was the World Bank's chief
executive. She became the IMF's managing director in October, 2019.
WilmerHale's investigation report
https://thedocs.worldbank.org/en/doc/
84a922cc9273b7b120d49ad3b9e9d3f9-0090012021/original/DB-Investigation-Findings-and-Report-to-the-Board-of-Executive-Directors-September-15-2021.pdf
prepared for the World Bank board alleged that Georgieva applied "undue
pressure" on bank staff at the time to make data changes to boost China's
ranking in the flagship "Doing Business" report, just as the bank was seeking
Beijing's support for a major capital increase.
Georgieva's lawyer says https://www.reuters.com/business/imf-chief-georgievas-lawyer-claims-data-probe-violated-world-bank-staff-rules-2021-10-07
the WilmerHale probe violated World Bank staff rules in part by denying her an
opportunity to respond to the accusations, an assertion the law firm disputes.
No comment was immediately available from Georgieva or the law firm about
Sunday's meetings.
The Financial Times on Sunday reported that the United States and Japan want
Georgieva out of the job, without citing any specific sources.
The U.S. Treasury, 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.
(Reporting by Andrea Shalal; additional reporting by David Lawder; editing by
Ross Colvin, Diane Craft & Simon Cameron-Moore)
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