Tuesday, January 25

Georgieva expresses her relief after being confirmed as head of the IMF



After marathon research sessions and interviews addressing the alleged pressures that Kristalina Georgieva would have done in his time at the World Bank to manipulate data in favor of China, the Bulgarian economist achieved on Monday that the Executive Council of the International Monetary Fundl will show them “full confidence ”to continue as managing director of the organization, a position he reached in October 2019.

At release announcing its decision, the IMF executive council assured that it has not been “conclusively” proven Georgieva taking the inappropriate actions for which she had been singled out. And it is the same conclusion that the United States Department of the Treasury ended up reaching, the country that is the main contributor to both the IMF and the World Bank and is the only one that has the right to veto. Before him strong support for Georgieva from countries like France, Germany, UK and Italy, Washington announced to the board that it would not seek impeachment, giving the green light for Georgieva to continue.

In a statement issued through a public relations firm on the same Monday, Georgieva showed her satisfaction and gratitude for the decision. In that text, in which he assured that what he experienced has been “obviously a difficult episode personally“, I speak of “Unfounded accusations“And defended his” faithful “work for four decades in multinational organizations where, he assured,” trust and integrity Are the cornerstones”. This Tuesday he led a high-level dialogue on regional financing agreements that in the pandemic to try to produce “a more equal, robust, inclusive and sustainable recovery around the world.”

The outcome prompted by the IMF executive council raises a huge slab that loomed over the Autumn Assembly that the IMF is holding in Washington, which started on Monday, and allows Georgieva to continue with a job in which she has led a progressive turn in the organism. However, it does not remove all the shadows that have been created around the reputation and credibility the IMF and the World Bank and Georgieva herself.

Tensions with the US

Lingering tensions throbbed in the conversation they had on Monday Georgieva and the US Secretary of the Treasury, Janet Yellen, in which the latter stressed that the investigation had raised “valid issues and concerns”. Yellen also insisted that her department “will evaluate potential new data or discoveries” about the scandal and will closely monitor a second report expected in the next six to eight weeks.

Yellen’s message could be read, in any case, too in internal code of the USA, where the tense relationship with China has become a matter that spreads its tentacles throughout political life, from the White House to Congress. Since the publication on September 16 of the report of a law firm that pointed out the alleged irregularities in the writing of the document ‘Doing Business 2018’ of the World Bank, Republicans had criticized the continuity of Georgieva and both they and some Democrats asked the Administration of Joe Biden to “ensure the full accountability”.


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