Yellen says IMF’s Georgieva data manipulation investigation raises “legitimate” concerns – Finance Ministry

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FILE PHOTO: Treasury Secretary Janet Yellen testifies at a House Financial Services Commission hearing on September 30, 2021 in Washington, USA. Sarsil Bigger/Reuters via Poole

12 October 2021

WASHINGTON (Reuters) – US Treasury Secretary Janet Yellen told International Monetary Fund Managing Director Kristalina Georgieva on Monday that a law firm’s report against the IMF chief on the World Bank’s alleged data misappropriation raised “legitimate issues and concerns. , the lack of direct evidence made the change in leadership unwarranted.

Yellen said in a statement, “We need to take positive steps to increase the integrity and credibility of data at the IMF, and Georgieva and other fund leaders said in a survey, analysis, that we need to reaffirm our commitment to maintaining policy transparency.” needs to be renewed.” .

The call was made by the IMF’s executive board on Monday after a lengthy review of the World Bank’s external research report https://thedocs.worldbank.org/en/doc/84a922cc9273b7b120d49ad3b9e9d3f9-0090012021/original. This was done after a confirmation of the belief. /db-investigation-finding-and-report-to-the-board-of-executive-director-Sep-15-2021.pdf.

According to a report by law firm Wilmer Hale, when Georgieva was CEO of the World Bank in 2017, she pressured bank employees to change data and raise China’s score in its flagship Doing Business report. Called. The company’s investigation is ongoing and will look into changes in World Bank staff misconduct in 2017 in China and changes in Doing Business data that affected scores in Saudi Arabia and other countries in 2019.

Yellen told Georgieva that her priority was “maintaining the integrity and credibility of the World Bank and the IMF” in promoting an in-depth review of the matter.

Yellen also requires the Treasury to closely monitor follow-ups, evaluate new facts and discoveries, and the Wilmer Hale report cautions shareholders to protect the integrity of both banks and funds. Said they put some emphasis,” the Treasury said. in that statement.

(Reporting by David Lauder; Edited by Kim Coghill and Mr. Navaratnam)

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