Connect with us

World News

The International Monetary Fund will decide very soon whether its managing director Kristalina Georgieva keeps her job



Kristalina Georgieva said she hoped for a “speedy resolution” of the matter. (file)


The International Monetary Fund said on Friday it would decide “very soon” whether its managing director Kristalina Georgieva would keep her job.

An investigation by a law firm has concluded that it falsified data in favor of China during a senior role at the World Bank.

The IMF’s executive board said after a meeting on Friday that it had made “significant progress” in its assessment of the matter, but agreed to “request for more detailed explanation of the matter to be considered soon”.

On Thursday, 68-year-old Georgieva said she hoped for a “speedy resolution” of the matter.

The IMF executive board is reviewing last month’s investigation by law firm WilmerHale, which found that as CEO of the World Bank, Georgieva was among the top executives who cited China’s benefits in the 2018 edition of its Doing Business report. Employees were pressured to change the data for .

Georgieva spoke to the IMF board this week.

She has repeatedly denied the report’s findings, and on Thursday issued a letter from her attorney to the board objecting to Wilmerhall’s findings, as well as her 12-page testimony to 24 board members.

The law firm found that Georgieva, along with her colleague Shimon Jonkov, a former Bulgarian finance minister who prepared the report, and the bank’s then-president Jim Yong Kim, had tried to alter China’s ranking calculations to avoid angering Beijing. To put pressure on the employees.

The blow came as the bank leadership was engaged in sensitive talks with Beijing to increase the bank’s borrowing capital.

A source close to the matter said on condition of anonymity that the executive board is likely to meet again on Saturday.

This source said Georgieva has won the support of France and other European countries.

The United States, a key member of the IMF, has yet to state its position on the dispute, according to two sources with knowledge of the situation.

Time is of the essence as the IMF and World Bank begin their meeting on Monday.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)


Copyright Indian Lekhak Limited 2021. All Rights Reserved