The International Monetary Fund’s Board of Directors supports Georgieva to continue as Managing Director

The IMF Executive Board chose to retain Kristalina Georgieva as the managing director of the agency, and expressed “full confidence” in her ability to perform her duties, despite accusations that she was serving as the World Bank The CEO put pressure on the staff of the World Bank to provide data to China. benefit.

Before the announcement, the International Monetary Fund’s board of directors held a marathon meeting, and the committee worked hard to reach an agreement on Georgieva’s fate within a few days. Sharp split Stand out among its 24 directors.

France, Germany, Italy and the United Kingdom Align Joined China and Russia to defend her, while the fund’s two largest shareholders, the United States and Japan, resisted even more and called for strong scrutiny. However, after further deliberation, there was a consensus on Monday that Georgieva should complete her term.

In a statement issued on Monday evening, the IMF board stated that the evidence provided “does not conclusively prove” Georgieva’s role in China’s ranking in a flagship report of the World Bank. Inappropriate” role.

“After reviewing all the evidence provided, the Executive Board reiterated its confidence in the leadership of the managing director and the ability to continue to perform his duties effectively. The board believes that the managing director is committed to maintaining the highest standards of governance and integrity of the IMF.”

Georgieva repeatedly Refuse Any wrongdoing was accused of artificially raising China’s ranking in the World Bank’s 2018 edition of the Doing Business Report during her time at the helm of the agency.

Last month, the World Bank commissioned a report from WilmerHale’s law firm to write a report detailing her alleged efforts. The IMF’s board of directors held eight meetings to discuss the matter, including two “extensive” meetings with lawyers Wilmer Hale and Georgieva.

The decision was made at the beginning of the annual meeting between the International Monetary Fund and the World Bank, which began this week amidst the cloud of uncertainty over whether Georgieva will stay in office. She participated in several events on Monday and plans to speak at several other events in the next few days.

On Monday, U.S. Treasury Secretary Janet Yellen called Georgieva and told her that although the World Bank report “raised reasonable questions and concerns,” the U.S. believed that “there is a lack of further directness regarding the role of the managing director.” Evidence, the basis of IMF leadership change”.

But Yellen seemed to draw Georgieva’s attention, telling the IMF president that the Ministry of Finance will “monitor, closely follow up, and evaluate any new facts or discoveries.” This incident emphasized the need for “shareholders”. Stay vigilant and defend the integrity of both parties. Banks and funds”​​.

The administration of President Joe Biden has also vowed to promote the reform of the International Monetary Fund and the World Bank to prevent further possible manipulation incidents-the IMF board of directors has also stated that it will consider this.

“The United States believes that active measures must be taken to strengthen the IMF’s data integrity and credibility, and the agency and its leadership must reaffirm their commitment to maintaining transparency in policies, research and analysis, and the protection of whistleblowers,” the Treasury Department said.

The Biden administration’s decision not to insist that Georgieva step down immediately triggered strong opposition from Republicans in Congress.

“This decision seriously reflects the leadership of the United States in the International Monetary Fund,” said Patrick McHenry, the top Republican on the House Financial Services Committee. “Republicans and Democrats in Congress were shocked by the investigation of Ms. Georgieva’s conduct. It is shocking that the government ignored these bipartisan concerns and succumbed to other countries that wanted to cover up the scandal. pressure.”

In a statement released on Monday, Georgieva expressed “firm support for the independence and integrity of the World Bank and the International Monetary Fund”.

“I am very pleased that after a thorough and impartial review of the facts, the IMF board of directors agreed that these allegations were unfounded,” she said. “I want to thank the Board of Directors for their confidence in my leadership. Trust and integrity are the cornerstones of the multinational organization that I have served faithfully for more than four years.

“This is obviously a difficult episode for me personally,” she added.

European governments chose Bulgarian Georgieva to join the International Monetary Fund in 2019. Before that, she worked for the World Bank for two years-she joined the institution in 1993 as an environmental economist, and left in 2010 to go to the European Commission Jobs, and other positions before rejoining the World Bank in 2017.

She succeeded Christine Lagarde, the current European Central Bank President, and her appointment required the International Monetary Fund to remove the age limit for the position stipulated in the fund’s charter.

During her tenure, she won praise for her efforts to help emerging and developing economies withstand the coronavirus pandemic, leading the way distribute Earlier this year, the SDR of US$650 billion was equivalent to the newly minted currency.

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