IMF asks Georgieva for explanations for accusations of benefiting China at the World Bank

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The Executive Board of International Monetary Fund (IMF) plans to hold a meeting with the managing director of the institution, Kristalina Georgieva, to find out his version about the accusations that point out that the Bulgarian economist offered an alleged favorable treatment to China during his tenure at the head of the World Bank to improve the results of the Asian giant in the report ‘Doing Business’.

In a statement, the IMF management body reported that it had held a meeting this Monday with representatives of the law firm WilmerHale, responsible for the audit commissioned by the World Bank on alleged pressure from the institution’s management to favor China, as part of its ongoing review of the matter.

“The Executive will also meet soon on the subject with the managing director as part of this process”confirmed the IMF, which underlined the institution’s commitment to a thorough, objective and timely review.

Last week, the IMF Board of Directors held an initial briefing by the IMF’s Ethics Committee on the allegations against Georgieva in which it had a “preliminary” exchange of views on the accusatory report and on Georgieva’s statement denying it. .

Cancellation of the ‘Doing Business’ report

The World Bank decided to cancel indefinitely its popular report ‘Doing Business’ Due to the fact that an external review concluded that several senior officials of the institution put pressure on the agency’s staff to improve China’s position in the rankings of the 2018 and 2020 editions.

The report directly accuses the then president of the World Bank, Jim Yong Kim, and the CEO of the entity, at that time Kristalina Georgieva. According to the document, the now managing director of the IMF pressured World Bank staff to make “specific changes” to some data from China in order to upgrade her ranking.

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In the team responsible for ‘Doing Business’ there was a ‘toxic culture’ and “Fear of retaliation” that might exist. “Employees felt they could not defy an order from the president or CEO without risking losing their jobs,” the report reflects.

Georgieva stressed after reading the indictment that she “deeply” disagreed with the report’s findings and interpretations.

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