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IMF board to meet on Sunday for further talks on Kristalina Georgieva’s future

The International Monetary Fund’s executive board will meet again on Sunday with managing director Kristalina Georgieva and the law firm, which says it pressured World Bank employees to change data to benefit China.
As per sources familiar with the plan, he served as the CEO of the bank.

A decision on Georgieva’s future at the global lender is not expected until Monday at the earliest, as finance ministers and other senior officials from several of the IMF’s 190 member states gather in Washington for annual IMF and World Bank meetings, Said one source.

The IMF’s executive board debated the matter for five hours and sought more “clarification details” before adjourning it on Friday.

The scandal threatens to impact high-profile meetings where officials plan to discuss the global economy,
Working COVID-19 The issues of pandemic and global taxation in the discussion which will be conducted partly in person and online.

In normal years, the event draws about 10,000 people to Washington.

Georgieva has strongly denied the allegations, which date back to 2017, when she was chief executive of the World Bank. His lawyer claims that the investigation conducted by the law firm WilmerHale violated World Bank staff regulations, not giving him a chance to respond to the allegations, the WilmerHale controversy.

Lawyers for Georgieva and Wilmerhall will appear separately at Sunday’s board meeting, said the sources, which
Spoke on condition of anonymity. There was no immediate comment from Georgieva or the firm.

France and some other European governments on Friday backed the Bulgarian economist to remain IMF chief, while other officials criticized data irregularities in “doing business” at the now-cancelled head of the World Bank as well as his accounts of the law firm. Asked for more time to compare. report good.

Former British Prime Minister Gordon Brown tweeted his support on Friday, calling Georgieva “an outstanding international public servant….”

The US Treasury, which controls 16.5% of the IMF’s shares, declined to comment after Friday’s meeting.

 

Treasury spokeswoman Alexandra Lamanna said this week that the department has “emphasized for a thorough and fair accounting of all facts” in the review, “outlining its concern for maintaining the integrity of international financial institutions.”

“The WilmerHale investigation report prepared for the World Bank Board alleged that when Georgieva was CEO of the World Bank in 2017, she made data changes to the “Doing Business” report to boost China’s business-climate rankings. applied “undue pressure” on bank employees. The bank sought Beijing’s support for a large capital increase.

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