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Kristalina Georgieva had denied all charges against her. PHOTO: Reuters
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However, Washington has officially confirmed that the lack of direct evidence for The Bulgarian woman is to blame for her change of management position in the fund unfounded
The Board of Directors of the International Monetary Fund (IMF) has confirmed that it has full confidence in Managing Director Kristalina Georgieva. This happened after analyzing the allegations that during her work at the World Bank, the Bulgarian woman put pressure on experts to change data in a way that would benefit China, world agencies reported. The decision puts an end to suspicions of lobbying in favor of Beijing, and Georgieva
remains in office to
complete his term at the helm of
the international financial institution
“Having considered in its entirety all the elements presented, the Board reaffirms its full confidence in the management and the capacity of the Director-General to continue to perform his functions effectively,” the statement said.
From the presented data it is not possible to draw a definite conclusion that Kristalina Georgieva played an illegal role in the preparation of the ranking “Doing Business” in 2018, while she was CEO of the World Bank. This is the final conclusion of the IMF’s 24-member board on the case after a marathon of eight meetings and two extensive hearings with Georgieva and the law firm that drafted the critical report against her.
The document, prepared for the World Bank, claimed that Georgieva and other high-ranking bank officials were pressuring their subordinates to put China ahead of the list at a time when the bank was seeking Beijing’s support for a serious increase in its capital, recalls Reuters.
The Bulgarian categorically rejected the accusations against her at the time of their appearance. The events in question date back to 2017. Georgieva became managing director of the IMF in October 2019, replacing Frenchwoman Christine Lagarde.
“I am honored to lead such a talented team that works tirelessly to meet the world’s greatest challenges – from the fight against COVID-19 to the fight against climate change and inequality in the world,” she said after the announcement of the decision. .
The board, for its part, said it believed in the IMF chief’s commitment to maintaining the highest standards of good governance and integrity in the financial institution. At the same time, a board meeting is planned to discuss institutional safeguards to ensure the impartiality of the international credit institution’s staff and the ability to file complaints, disagree and maintain accountability.
Georgieva thanked the board for the trust and stressed once again that the accusations made against her were unfounded, AFP reported. The Bulgarian is in front of the French agency
admitted to going through
a difficult moment on a personal level
She points out that trust and integrity are cornerstones for international organizations for which she has worked for more than four decades.
U.S. Treasury Secretary Janet Yellen said Monday in an interview with the IMF’s director that the WilmerHale law firm’s report raised reasonable doubts, but the lack of direct evidence means a possible change of leadership would be unfounded. However, active measures need to be taken to boost confidence in the IMF and the reliability of the information provided by the institution, Yellen said in a statement. In addition, Georgieva and other IMF leaders must reiterate their commitment to transparency in the fund’s research, analysis and policy-making.
France and other European governments voiced support for Georgieva last week in a special resolution, but the United States and Japan, the fund’s largest contributors, have called for further clarification. AFP also points out that there has been a split in the council – on the one hand were France, Britain and Europe as a whole, which unreservedly stood behind the Bulgarian, and the United States and Japan, which were more restrained.
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