Stock Groups

IMF board expected to decide Managing Director Georgieva’s fate on Monday By Reuters

[ad_1]

© Reuters. FILE PHOTO: Kristalina Georgieva, International Monetary Fund’s Managing Director, makes comments during the closing news conference of the International Monetary Finance Committee at the IMF/World Bank 2019 Annual Meetings for finance ministers

By Andrea Shalal

WASHINGTON (Reuters), – On Sunday, International Monetary Fund’s Executive Board met with Kristalina Georgieva as Managing Director and representatives of the law firm that she claims pressured World Bank employees to shift data favoring China. This is according to sources who are familiar with this matter.

Sources said that the 24-member board would meet once more Monday in order to make Georgieva the next global lender head. It will also be the time when top representatives from many of its member countries are expected to arrive at Washington’s IMF and World Bank fall meetings.

The IMF’s executive board debated the matter for five hours https://www.reuters.com/business/imf-board-debate-georgievas-future-with-some-backing-europe-sources-2021-10-08 on Friday before adjourning and scheduling separate meetings on Sunday https://www.reuters.com/business/exclusive-imf-board-meet-sunday-more-talks-georgievas-future-2021-10-09 with Georgieva and attorneys from the WilmerHale law firm. These discussions lasted well into the late hours of Sunday.

This scandal could overshadow high-profile meetings where Georgieva and World Bank President David Malpass plan to discuss global economic issues, ongoing COVID-19 pandemic, and international taxation.

Georgieva has strongly denied https://www.skdknick.com/wp-content/uploads/2021/10/2021.10.06-Statement-of-Kristalina-Georgieva-to-IMF-Executive-Board.pdf the allegations, which date back to 2017, when she was the World Bank’s chief executive.

WilmerHale’s investigation report prepared for the World Bank board https://thedocs.worldbank.org/en/doc/84a922cc9273b7b120d49ad3b9e9d3f9-0090012021/original/DB-Investigation-Findings-and-Report-to-the-Board-of-Executive-Directors-September-15-2021.pdf alleged that Georgieva applied “undue pressure” on bank staff at the time to make data changes to boost China’s ranking in the flagship “Doing Business” report, just as the bank was seeking Beijing’s support for a major capital increase.

Georgieva’s lawyer says https://www.reuters.com/business/imf-chief-georgievas-lawyer-claims-data-probe-violated-world-bank-staff-rules-2021-10-07the WilmerHale probe violated World Bank staff rules in part by denying her an opportunity to respond to the accusations, an assertion the law firm disputes.

Georgieva nor the law office had any immediate comment to make about Sunday’s meetings.

France, along with other European countries, backed Friday’s support for the Bulgarian economist in her final term as IMF chief. Meanwhile, officials from the United States and others wanted more time to examine the different accounts of data irregularities found in the World Bank’s flagship report “Doing Business”.

Sunday’s Financial Times reported by The Financial Times that Georgieva was wanted out by Japan and the United States, but did not provide any details.

U.S. Treasury controls 16.5% IMF shares and declined to comment. The Japanese Embassy in Washington did not immediately respond to the FT report.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]