BusinessDay

IMF reaffirms ‘full confidence’ in Georgievain after investigation

The Executive Board of the International Monetary Fund (IMF) said it has reaffirmed its full confidence in Kristalina Georgievain – its managing director’s leadership and ability to effectively carry out her duties.

The IMF board said it “considered that the information presented in the course of its review did not conclusively demonstrate that Georgievain played an improper role regarding the Doing Business 2018 Report when she was CEO of the World Bank.”

An investigation by WilmerHale – a law firm had concluded that the Bulgarian economist manipulated data in favour of China while in a senior role at the World Bank.

The IMF board met yesterday to conclude its review of the matter raised by WilmerHale’s investigation of the World Bank’s Doing Business 2018 report.

This was the board’s eighth meeting on the matter, as part of its commitment to a thorough, objective, and timely review.

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In particular, the executive board had two extensive discussions each with the representatives of WilmerHale as well as with the managing director.

The board also took note that the World Bank’s investigation of potential World Bank staff misconduct in the Doing Business report matter is ongoing.

The IMF board said it trusts in Georgievain’s commitment to maintaining the highest standards of governance and integrity in the IMF.

The board also reiterates its own commitment to supporting the managing director in maintaining the highest standards of governance and integrity in the data, research, and operations of the IMF and has confidence in the impartiality and analytical excellence of IMF staff and in the IMF’s robust and effective channels for complaint, dissent, and accountability.

At the same time, the Executive Board plans to meet to consider possible additional steps to ensure the strength of institutional safeguards in these areas.

The Executive Board looks forward to continuing to work with the Managing Director, the rest of the Management team, and the IMF’s dedicated staff to address the serious challenges facing the global economy and the IMF’s member countries.

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