Business

Decision ‘very soon’ on whether IMF chief gets to keep her job

Kristalina Georgieva is accused of manipulating data in favour of China while at World Bank

Updated 5 years ago · Published on 09 Oct 2021 8:00PM

Decision ‘very soon’ on whether IMF chief gets to keep her job
Kristalina Georgieva has repeatedly denied claims that she pressured staff to change the calculation of China’s ranking for the World Bank’s 2018 Doing Business report to avoid angering Beijing. – AFP pic, October 9, 2021

WASHINGTON – The International Monetary Fund said yesterday it will decide “very soon” whether its embattled managing director Kristalina Georgieva keeps her job.

An investigation by a law firm has concluded that she manipulated data in favour of China while in a senior role at the World Bank.

The IMF executive board said after a meeting yesterday that it has made “significant progress” in its assessment of the case but agreed “to request more clarifying details with a view to very soon concluding its consideration of the matter”.

On Thursday, Georgieva, 68, said she hoped for an “expeditious resolution” of the case.

The IMF executive board is reviewing last month’s investigation by the law firm WilmerHale that found that during her time as World Bank CEO, Georgieva was among top officials who pressured staff into changing data to China’s benefit in the 2018 edition of its closely watched Doing Business report.

Georgieva spoke to the IMF board this week.

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

The law firm found that Georgieva along with her associate Simeon Djankov, a former Bulgarian finance minister who created the report, and Jim Yong Kim, then-president of the bank, pressured staff to change the calculation of China’s ranking to avoid angering Beijing. 

The push came while bank leadership was engaged in sensitive negotiations with Beijing over increasing the bank’s lending capital.

The executive board could meet again today, a source close to the matter said on condition of anonymity.

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

The United States, a key member of the IMF, has not yet stated its position on this controversy, according to two sources with knowledge of the situation.

Time is of the essence because the IMF and the World Bank begin their fall meetings on Monday. – AFP, October 9, 2021

Related News

Malaysia / 5mth

Malaysia continues to shift towards RE, regional power integration - Amir Hamzah

World / 3y

Global economy weak but still growing, says IMF chief

Business / 3y

EU policies should be restrictive enough to control inflation: IMF

Opinion / 3y

Malaysia’s post-pandemic recovery uneven despite strong growth – IMF

Opinion / 3y

Dedollarisation: the end of US hegemony in global finances – Jamari Mohtar

Business / 3y

More weaknesses, vulnerabilities in US banking possible: IMF chief

Spotlight

Malaysia

Five fatal helicopter crash victims honoured in Sarawak state awards

Malaysia

No Malaysian is left behind; Budget 2027 puts people first - Anwar  

Malaysia

Panama hit by 6.4-magnitude earthquake

Malaysia

Haze blankets 33 areas with unhealthy air

Malaysia

Malaysia’s 2027 Budget is a steady one: people-oriented continuity rather than bold reform

Malaysia

Budget 2027: What is in it for me?

Malaysia

Budget 2027 steps up Sabah, Sarawak funding by RM2.2b amid push for development parity

Malaysia

Budget 2027: Maternity leave entitlement increased, minimum pension raised to RM1,350

You may be interested

Business

Budget 2027 channels RM270m to SMEs through crowdfunding, P2P financing

Business

Budget 2027 targets foreign e-commerce platforms, channels billions into local firms and startups

Business

Oil slips on Trump’s Iran remarks, but supply risks and strong US dollar keep markets on edge

Business

Malaysia draws US$9.5b in orders for US$1.5b sukuk, cuts borrowing costs