IMF board meets again on Friday in Georgieva review – source

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FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva, International Monetary Fund Commission (IMFC) Closing News Conference, 2019 Annual Finance Ministers and Bank Governors of the IMF and the World Bank I will speak at the General Meeting. , October 19, 2019. Reuters / Mike Thiler / FILE PHOTO

October 6, 2021

By Andrea Schallal and David Lauder

WASHINGTON (Reuters) – The International Monetary Fund’s board of directors interviewed with Kristina Georgieva, alleging she pressured World Bank staff to change data to support China in her previous role. Will see you again on Friday, said a source familiar with the deliberations.

An IMF spokesman said the board would meet “immediately” to discuss the issue, but did not give it a day.

“The Board is committed to conducting a thorough, objective and timely review and looks forward to meeting again soon for further discussion,” a spokesperson said.

Wednesday Georgieva again https://www.reuters.com/business/imfs-georgieva-accuses-former-world-bank-president-kims-office-manipulation-2021-09-24 Strong denial of allegations in external research report https://www.reuters.com/business/imfs-georgieva-accuses-former-world-bank-president-kims-office-manipulation-2021-09-24 ://thedocs.worldbank.org/en/doc/84a922cc9273b7b120d49ad3b9e9d3f9-0090012021/original/DB-Investigation-Findings-and-Report-to-the-Board-of-Executive-Directors-September-15-2021 .pdf Doing Business World Bank employees under pressure on changes that boost China’s ranking in 2018 report “When the World Bank was seeking Beijing’s help for a significant capital increase. I did.”

In a detailed statement to the board that Reuters had seen the copy, Georgieva investigated while Wilmer Hale was the CEO of the World Bank, a law firm. He misunderstood his behavior and said that he misrepresented her as the subject. of that investigation.

She said she and other World Bank officials pressured staff to change the data to enhance China’s position in a 2018 report on each country’s business environment, or its relevance to capital growth. Wilmer Hale rejected the conclusion.

“The idea of ​​suddenly putting undue pressure on bank employees to change the information in the report after spending nearly 20 years at the World Bank is highly untrue,” Georgieva told the IMF board. Was told. “Banks and Endowments live by our data and analysis. Corrupting them is unacceptable.”

The board is competing to complete a review of the allegations against Georgieva ahead of the IMF and World Bank annual meeting starting next week. There, global lenders publish their latest economic forecasts.

Georgieva told the IMF’s board that she was “in my heart” committed to fulfilling the IMF’s important mission.

Comments from Wilmer Hale were not immediately available.

The World Bank data rigging scandal has damaged the reputation of research by both institutions, https://www.reuters.com/business/world-bank-imf-face-long-term-damage-after-data-rigging- Scandal- 2021 -10-04 Former employees, government officials and outside experts say they raise serious questions about whether work from shareholders will be affected.

On Monday, members of the IMF board spent five hours in Wilmer Hale’s office asking lawyers about the investigation report. -the-board-of-executive-directors-September-15-2021.pdf, and how it was implemented.

Georgieva explained that she had problems handling Wilmerhall’s investigation and that some of her comments were out of context, falsely believed her testimony was confidential, and confirmed the accuracy of the testimony. I was not given an opportunity to confirm.

So far, the fund’s most influential member governments, including the largest shareholder in the United States, have withheld public judgment as the review process progresses.

(Reporting by Andrea Schallal and David Lauder, edited by Hugh Lawson and Diane Craft)

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