The International Monetary Fund (IMF) on Monday decided to retain Kristalina Georgieva as the Fund’s managing director by expressing full confidence in her leadership, despite accusations leveled against her that she altered data to favour China during her tenure at the World Bank.
Georgieva had been serving as the Chief Executive of the World Bank Group for two years before she was appointed to head the IMF in October 2019. The Bulgarian economist is the first person from a developing country to lead the institution.
An investigation conducted by WilmerHale law firm during her service at the World Bank over accusations of direct involvement in efforts to improve China’s ranking in the Doing Business Report, a flagship offering of the World Bank’s annual research.
However, on Monday, the Fund’s 24-member board that represent the 190 member-states held a follow up meeting to review the allegations that Georgieva had pressured World Bank staff to influence a report in favour of China.
Georgieva had denied the claims.
The IMF in a statement at the end of the board’s meeting resolved: “Having looked at all the evidence presented, the Executive Board reaffirms its full confidence in the Managing Director’s leadership and ability to continue to effectively carry out her duties.”
As expected, Georgieva welcomed the board’s decision on the matter in a statement of her own, noting that the episode with the allegations was difficult for her personally.
She said: “I want to express my unyielding support for the independence and integrity of institutions such as the World Bank and IMF; and my respect for all those committed to protecting the values on which these organizations are founded.”