WASHINGTON – Kristalina Georgieva’s term as managing director of the International Monetary Fund faces a crucial moment on Friday when the fund’s executive board will meet to decide whether she should continue as its leader after the allegations. needed. He pressured employees to manipulate a report to placate China When she was the top official of the World Bank.
This week, the executive board spent hours questioning Georgieva about her actions. It also interviewed lawyers for WilmerHale, the firm that conducts the World Bank’s internal review of the circumstances surrounding the Doing Business survey. NS Review, published last month, concluded that Ms Georgieva had played a central role in interfering with the report, raising questions about her decision and ability to continue to lead the IMF.
Ms. Georgieva have denied the allegations, and at a meeting with the board on Wednesday he offered a vehement rebuttal.
In a statement to the board, Ms Georgieva said: “The Wilmerhall Report does not accurately portray my actions in relation to Doing Business in 2018, nor does it reflect my character or the way I conducted myself over a long professional career. doesn’t portray it accurately.” Which was obtained by The New York Times.
Mr Georgieva, a Bulgarian economist who took the top IMF job in 2019, also criticized the nature of the World Bank investigation and said he was misled.
Ms Georgieva said: “WilmerHale’s email requesting my participation clearly stated that I was not the subject of the investigation and assured me that my testimony is confidential and protected by World Bank staff regulations, which follow due process.” guarantee.” “None of this turned out to be true.”
The controversy has raised questions about China’s influence in multilateral institutions. It has also become a distraction for the IMF as it is trying to help coordinate the global economic response to the pandemic. Prominent economists have publicly debated whether Ms Georgieva should step down. The Economist Magazine called last month for his resignation.
The United States, which is the fund’s largest shareholder, has yet to offer public support, and officials declined to say whether it should stay in the job.
“A review is currently underway with the IMF Board, and the Treasury has pushed for a thorough and fair accounting of all facts,” said Treasury spokeswoman Alexandra Lamanna. “Our primary responsibility is to maintain the integrity of international financial institutions.”
Former World Bank officials have described Georgieva as a polarizing figure, but she has been generally praised at the IMF. When she assumed the job, she was quick to give her more direct control over her daily operations. Fund restructured from This included the removal of long-time IMF official and its first deputy managing director David Lipton before his term ended.
Mr Lipton is now Treasury Secretary Janet L. Yellen’s top advisor, who will have important information about whether Ms. Georgieva remains in the job.
Treasury officials are debating how to respond to the allegations against Ms Georgieva. A person familiar with the deliberations said Mr Lipton was among officials who have been in support of Ms Georgieva, with whom she worked closely with while at the World Bank and while at the IMF.
Republicans and Democrats in Congress have expressed concern about Georgieva’s actions at the World Bank and called on Yellen to ensure “full accountability”.
The United States traditionally selects an American for the President of the World Bank, while the managing directors of the IMF are usually from Europe.
The IMF’s executive board is expected to make a decision on whether it will continue to rely on Ms. Georgieva when it meets on Friday.
The annual meetings of the World Bank Group and the International Monetary Fund will take place next week.