Monday, October 3

The IMF rules out that Georgieva favored China and declares its “total support” to its director


Updated

The IMF’s executive council rules out that the accusations that its managing director, Kristalina Georgieva, lobbied in the World Bank in favor of the image of the Chinese economy are conclusive.

The director of the International Monetary Fund, Kristalina Georgieva.
The director of the International Monetary Fund, Kristalina Georgieva.NICHOLAS KAMMAFP

The storm that has hit in recent weeks the leadership of the International Monetary Fund (IMF) and in particular its managing director, Kristalina Georgieva, has been placated by the executive rabbit of the agency. “The information presented in the course of this investigation has not been able to conclusively demonstrate that the managing director played an inappropriate role in relation to the Doing Business 2018 report when she was executive director of the World Bank,” the IMF notes in a public note. after two days of deliberation.

The organism manifests its “total confidence” in Georgieva and underlines that he is the person to whom he delegates leadership and the ability to maintain the highest levels of governance and integrity at the IMF.

The crisis that has called into question the integrity of the organization that ensures the stability of the global economy has its origin in the World Bank’s Doing Business report. The improvement of China’s position in its 2018 edition, when Georgieva was CEO of the body, has awakened a whole process in which the reputation of the current managing director has been in question, recalling previous stages. Being an institution that supervises and establishes guidelines for countries in trouble to stabilize their economies, the fact that its managing director would have given a power like China favorable treatment, posed a threat to its role as an international authority.

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Thus, in the very announcement of its support for Georgieva, the IMF has announced that it will take steps to ensure that reinforces institutional security measures in areas such as governance, data integrity, investigation, as well as complaint channels, non-compliance with reports and accounting.

Own Georgieva stressed at the end of the crisis that this matter has been “a difficult episode on a personal level”, at the same time that he insisted in his defense by emphasizing that the facts that led to the accusation were “unfounded.”

“As the IMF meets this week, I am honored to lead such a talented team that works tirelessly to address the world’s greatest challenges, from fighting COVID-19 to fighting climate change and fighting inequalities. economic “, reaction.

Despite the emphatic final statement, the crisis has deeply divided the 24 members of the IMF’s Executive Board. While France, the United Kingdom and Europe in general have expressed their support for Georgieva, the United States has been more reluctant to ratify it.

Only at the end of nearly four weeks of discussions, the United States ended up joining the Europeans who wanted to reassert Georgieva in office.

In a separate statement, the United States Secretary of the Treasury, Janet Yellen, said she met with Georgieva on Monday to discuss “legitimate concerns” arising from the investigation and highlighted its commitment to “preserve the integrity and credibility of the World Bank and the IMF.”

However, like other members of the IMF Executive Board, the Treasury considered that “in the absence of additional direct evidence on the role of the Managing Director, there is no basis for a change of direction” of the Fund.

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The IMF said it had conducted a “thorough” and “objective” review of the case, meeting a total of eight times.

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