Please enter search term (s)
>> Alan Rappeport, New York Times
Published: 09/18/2021 9:50 PM BdST
Updated: 09/18/2021 9:50 PM BdST
The managing director of the International Monetary Fund (IMF) Kristalina Georgieva poses for a photo in front of German Chancellor Angela Merkel during a meeting with directors from ILO, IMF, OECD, World Bank and others to discuss questions about the current state of the world economic situation, in Berlin, August 26, 2021. Clemens Bilan / REUTERS
« I do not agree with the effects on my role and let me simply say: Not true, » she said, according to a copy of her comments.
An internal investigation came the day before The World Bank concluded that Georgieva was part of a group of senior World Bank officials who pressured the team that runs the annual Doing Business Survey to inflate China’s reputation in its 2018 report. The results raised questions about Georgieva, then head of the World Bank, and led to a review by the IMF’s ethics committee.
The largely virtual meeting on Friday was previously scheduled to allow IMF staff to share their knowledge Georgieva raised the controversy at the beginning of the meeting, reiterating her public statement that she “fundamentally disagrees” with the characterizations in the report and insisted that the investigation would not be distracting. She did not contest the details of the allegations, but said asking staff to review something was not the same as pressure on them to change dates, methodology, or an outcome.
« Neither in Before or after this case, I put pressure on the employees to manipulate data. I would ask the staff to check, double check, check three times, but never change, never tamper with what the data tells us, ”she said. « Why that? Because I believe so strongly in the value of credible data and analysis that leads to policy recommendations for the benefit of our members. For the benefit of the people. » insisted, however, that this would not be a distraction.
« It is my responsibility that this does not interfere with the incredibly important work we are doing, » she said. « So let’s focus on this work, and That’s what today’s discussion is about. «
According to the World Bank investigation, conducted by law firm WilmerHale on behalf of the bank’s ethics committee, officials in 2017 were concerned about negotiations with members about a capital increase and were under the Pressure not to upset China, which ranked 78th on the list of countries this year and should decline in the 2018 report.
The investigation found that Georgieva was “directly involved in efforts i « nvolviert » was to improve China’s ranking. At one point, the report said, Georgieva reprimanded the bank’s China director for poorly managing the bank’s relationship with the country.
On Thursday, the World Bank announced it was conducting its annual doing business survey completed. The report has been used for years by developing countries to attract foreign investment and by international investors making decisions about which markets to explore.
In an email to staff on Friday evening, David Malpass, the president, said the World Bank said he was “deeply disappointed” with what had happened under the supervision of his predecessors and pledged to promote a healthier culture in the institution.
“It was disturbing that many employees thought that raising concerns would have a negative impact on their wellbeing and career, ”Malpass said. « Intimidation, retaliation and bullying are unacceptable, and I am committed to protecting myself from such behavior wherever we find it. »
The politicization of the poll is an indication of how China’s economic power is multilateral institutions and how much they will ingratiate themselves with the Chinese government. If China withdraws in protest, institutions like the World Bank will lose credibility.
« China clearly seeks to control the international narrative about its economy and the political decisions of its government, » said Eswar Prasad, former China director IMF.
Republican lawmakers who criticized the IMF for allocating emergency currency reserves to US opponents called for an additional investigation into the events at the World Bank.
« As the largest shareholder in the World Bank, the US must be accountable » said Senator Bill Hagerty, R-Tenn, on Twitter on Friday. “Multilateralism cannot mean doing whatever it takes to get more money out of Communist China.” Andy Barr, MP from Kentucky, the top Republican in the House of Representatives Financial Services Subcommittee that oversees international development, said the Treasury Department should investigate how the IMF was assisting China under Georgieva’s supervision. He referred to $ 650 billion in foreign currency reserves known as Special Drawing Rights that the Fund disbursed last month that Republicans said shouldn’t have gone to countries like China, Russia and Iran.
« Given the leadership of Georgieva At the IMF, the Treasury Department should review its actions in advance of the IMF’s earlier approval of an SDR allocation, its advocacy of new Chinese-included trust fund assistance, and its ongoing work around the IMF’s governance review that will affect China’s influence Fund, « said Barr.
The US Treasury Department, which acts as the US liaison with the IMF and has significant voting rights, expressed concern about the allegations and said it was analyzing the results of the investigation.
Any unauthorized use or reproduction of bdnews24.com content for commercial purposes is strictly prohibited and constitutes a copyright infringement that can be legally prosecuted.
Keywords:
