Execs from the International Monetary Fund (IMF) meet to discuss charges. The boss tampered with the data in order to benefit China.
The board of directors of the International Monetary Fund met Tuesday to discuss allegations that its head, Kristalina Georgieva, forced staff in 2017 while she was the CEO of the World Bank to manipulate data in a major ranking report to portray China in a more favorable light.
The board said it would meet again “soon” and would not make any urgent decisions.
The IMF’s Executive Board met today for an initial briefing from the Ethics Committee on the topic of Managing Director Kristalina Georgieva’s alleged role in the World Bank’s Doing Business 2018, as stated in the Investigation’s Report, according to a statement from the IMF.
The board also “emphasized the importance it devoted to undertaking a full, objective, and timely review” and “agreed to meet again shortly for a further discussion,” according to the statement.
Last Thursday and Friday, shortly after the report was made public, the board met with Georgieva, who disputes the charges.
The independent review discovered that during Georgieva’s tenure as World Bank CEO, she and then-World Bank President Jim Yong Kim urged staff to adjust their methodology in order for China’s ranks to remain stable.
The probe, which was conducted at the request of the World Bank’s ethics committee, prompted worries about a loss of trust in international organizations.
The US Treasury said it was reviewing the report, which it called “worrying” in its conclusions.
The United States has the most clout in the IMF executive board, which selects the organization’s managing director, and it also has a veto.
In 2019, Georgieva was named IMF managing director, and the lender’s member countries will “have to decide whether they’re happy with her staying in that post,” according to Nobel laureate Paul Romer.
During Georgieva’s stint at the World Bank, Romer, who was the institution’s chief economist at the time, chastised her for orchestrating a “whitewash” of various concerns he raised about the organization’s flagship Doing Business report.
The World Bank said right away that it would no longer be publishing the report.