WASHINGTON (Reuters) – The Economist magazine on Thursday called for International Monetary Fund Managing Director Kristalina Georgieva to resign over her role in a China-related data-rigging scandal while at the World Bank, saying it has undermined the IMF’s credibility.

The influential London-based publication said in a scathing editorial https://www.economist.com/leaders/2021/09/25/why-the-head-of-the-imf-should-resign that an external investigation’s findings that Georgieva pressured staff for changes to the World Bank’s “Doing Business” rankings in 2017 to favor China compromises the IMF’s ability to act as the custodian of data for the world’s macroeconomic statistics.

“The head of the IMF must hold the ring while two of its biggest shareholders, America and China, confront each other in a new era of geopolitical rivalry,” the Economist said, adding that critics of multilateralism are already citing the findings as evidence that international bodies cannot stand up to China.

“The next time the IMF tries to referee a currency dispute, or helps reschedule the debt of a country that has borrowed from China, the fund’s critics are sure to cite this investigation to undermine the institution’s credibility. The editorial stated that Ms Georgieva was an internationally respected servicer and must resign.

It cited the allegation in the WilmerHale law firm’s report https://thedocs.worldbank.org/en/doc/84a922cc9273b7b120d49ad3b9e9d3f9-0090012021/original/DB-Investigation-Findings-and-Report-to-the-Board-of-Executive-Directors-September-15-2021.pdfthat Georgieva, who at the time was the World Bank’s CEO, thanked a senior bank researcher for “doing his bit for multilateralism” in altering the China data.

The Economist stated that Georgieva should also do her part for multilateralism and fall on her sword.

World Bank’s Doing Business reports have now been cancelled. These rankings were based on countries’ regulatory and legal environment, financial infrastructure, and ease of starting a business.

Georgieva, a Bulgarian who is a longtime former World Bank economist and European Commission official, has denied the accusations in the WilmerHale report, saying last week they are “not true” https://www.reuters.com/business/sustainable-business/imf-chief-spotlight-after-china-rigging-report-2021-09-17 and she has never pressured staff to manipulate data.

Executive board of IMF is currently reviewing the allegations. They have stressed that they value a timely, thorough and objective review.

The Economist editorial was not covered by an IMF spokesperson. The U.S. Treasury spokesperson declined to comment on the Economist’s editorial. She stated that the Treasury is currently analyzing the “serious conclusions” contained in the WilmerHale Report.