By David Lawder

WASHINGTON, (Reuters) – The International Monetary Fund Executive Board announced Friday that it had formed a steering committee to oversee a review of institutional safeguards for data and governance. This was after Kristalina Georgieva, the IMF Managing Director, was cleared from wrongdoing following a World Bank data-rigging scam.

In a statement, the IMF Board stated that the board aims to present its review at the Spring Meetings of 2022. This review is intended to help ensure that the Executive Board, Management and staff maintain high standards of internal governance, data use, accountability, and transparency.

Georgieva was accused of applying “undue stress” to World Bank employees in 2017. She was also the bank’s CEO.

Georgieva strongly denies the claims in her investigation report. The report was prepared by an international law firm that was hired to examine data irregularities within the World Bank’s now-discontinued country business climates report.

Although the IMF board said it had completed a detailed review, it expressed confidence in Georgieva’s and IMF staff. In October it also stated it was considering additional measures to “ensure strength of institutional safeguards.”

Janet Yellen (US Treasury Secretary) also called for “proactive measures” to increase the IMF’s credibility.

Georgieva stated to the Reuters Next conference, in December, that the Fund is reviewing all its research processes to make sure data integrity. Independent evaluations are also used to identify areas where improvements can be made.

Friday’s announcement by the IMF board stated that the new steering committee will be working with IMF management as well as two staff working groups. These work on internal governance, ensuring voices are heard and data integrity and analysis.

The IMF board stated that the Board’s steering committee and staff working groups would take inventory of existing procedures and systems, evaluate their effectiveness and make recommendations for improvements to improve arrangements.