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The IMF’s board left the fate of the institution’s beleaguered head Kristalina Georgieva in limbo after questioning her about allegations she artificially bolstered China’s ranking on whether to doing business in the country while at the World Bank.
The IMF’s executive board said on Wednesday it needed to hold more discussions on the issue. The statement comes just days before the start of the annual IMF and World Bank meetings, casting a shadow over the flagship events that typically bring finance ministers and central bank officials from around the world together in Washington.
“The board remains committed to a thorough, objective and timely review and plans to meet again soon for further discussions,” an IMF spokesperson said. The board is expected to meet again on Friday.
The US would not say if it supports Georgieva’s leadership of the IMF after this week’s board meetings. “A review is currently underway with the IMF board and the Treasury has been pushing for full and fair accounting of all the facts. Our primary responsibility is to preserve the integrity of international financial institutions, ”said Alexandra LaManna, spokesperson for the US Treasury Department.
The meeting with Georgieva followed discussions on Monday with representatives from WilmerHale, the law firm that wrote a report commissioned by the World Bank board detailing allegations she tried to lobby inappropriately on bank staff to change the ranking of the Doing Business 2018 report in favor of China. At that time, the bank was also negotiating a multi-billion dollar capital increase.
In his remarks to the board on Wednesday, which were obtained by the Financial Times, Georgieva doubled down on his denials of any wrongdoing.
“I cannot stress enough that I would never encourage altering data and analytics to please a particular government, and I have never pressured anyone to manipulate the data to get a such a result, “she told the board, adding that she had a” very limited role “in drafting the 2018 report.
Georgieva also described what she described as five “critical errors” in the WilmerHale report, accusing her of drawing the “wrong conclusion based on the impressions and opinions of those without direct knowledge. or participation in key events, “and to” substitute hearsay and innuendo “regarding his relationship with the staff responsible for writing the report, among other claims.
“It takes responsible action and distorts it, making the worst and most tenuous inferences possible about each event based on little direct evidence, and regardless of my statements, work history, or personal style.” , she added.
Georgieva pointed to an interaction reported by WilmerHale’s lawyers as evidence of her involvement, in which she thanked Shantayanan Devarajan, a former senior World Bank official who worked on the report. He denied that Georgieva ever pressured him.
“Saying ‘thank you’ comes naturally to me,” she told the board on Wednesday. “In this particular case, I apparently added ‘for doing your part for multilateralism’ – I can’t remember, but that shouldn’t come as a surprise when used to praise the work of a staff’s work. multilateral organization and in the context of finalizing a global report.
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