Scandal grows in the IMF because of the virtues of Kristalina Georgieva for the Chinese system

Kristalina Georgieva, Managing Director of the International Monetary Fund, speaks with Chinese Prime Minister Li Keqiang before a press conference following the “1 + 6” round table meeting at the Diaoyutai State Guesthouse in Beijing, November 21, 2019 (Reuters)

Kristalina Georgieva I couldn’t believe a favor was done to him China It could put your site at risk in International Monetary Fund (International Monetary Fund). However, after world bank He released a geographic report on his behavior that revealed the entire conspiracyThe fate of the current head of the agency appears to have taken a 180 degree turn. The event was filmed by the press on September 16 and sparked a worldwide scandal.

In that surprising statement, the World Bank stated:The changes to the data for China in Doing Business 2018 appear to be the result of two different types of pressure from the Bank’s leadership on the Doing Business team.Target the body Georgieva by “Journalism” NS “Making specific changes to China’s data in an effort to raise its rating at the same time that the country was expected to play a major role in the bank’s campaign to raise capital“.

But in the last hours, pressure Georgieva It appears to have increased. according to Bloomberg, secretary US Treasury I no longer answer her calls, which indicates the seriousness of the matter. “Janet Yellen has refused to answer calls from troubled International Monetary Fund chief Kristalina Georgieva since the scandal erupted, noting that the Biden administration’s refusal to support her goes beyond her public statements.‘, noted reporters Salha Mohsen And Eric Martin.

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Ago Georgieva Accused earlier this month of tampering with a World Bank report on her previous job there, she tried to speak to softensBut people familiar with the matter said on condition of anonymity that they failed to do so Bloomberg. Law firm report Wilmerhillcommissioned by world bank, he claimed Georgieva — which took over the leadership of the International Monetary Fund in 2019 — lobbied bank staff to raise its business climate rating China.

United States Treasury Secretary Janet Yellen during a Senate hearing.  A key official in the administration of Joe Biden does not answer calls from International Monetary Fund Director Kristalina Georgieva after the scandal of her preference for China (Reuters)
United States Treasury Secretary Janet Yellen during a Senate hearing. A key official in the administration of Joe Biden does not answer calls from International Monetary Fund Director Kristalina Georgieva after the scandal of her preference for China (Reuters)

resolution softens The avoidance of the Managing Director of the IMF that was asked is a serious blow to the structure of the credit agency. Georgieva People familiar with the relationship said he previously had easy access to the US Treasury secretary. This was thanks to the natural affinity and multilateral relationship between International Monetary Fund and the treasure. The pair spoke regularly earlier this year, according to softens, While United State and the International Monetary Fund They have been working on initiatives such as pumping in global reserves of $650,000 million that the fund expects.

United State He is the largest contributor to International Monetary Fund And from world bank, and the Treasury Department manage those relationships. spokeswoman treasureAnd Alexandra LamanaHe declined to comment on the lack of communication between softens And Georgieva. An IMF spokesperson also declined to comment, as did an IMF spokesperson Georgieva.

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It is clear that the credibility of the IMF has been damaged“, She said Timothy Ashstrategic BlueBay Asset Management employment London Veteran Emerging Markets Analyst. I confirm it Georgieva It should be set aside until the investigations are completed. responsible from treasure She said The department reviewed the allegations of misconduct and considered them alarming and dangerous. The person, who spoke on condition of anonymity, said this agency was awaiting evaluation by the International Monetary Fund.

The IMF’s Ethics Committee is currently reviewing the findings of the report prepared by the World Bank.

pressure in the Senate

for this part, A pair of bipartisan senators asked Secretary of State Yellen to find “full accountability“After investigation it was found that lThe Managing Director of the International Monetary Fund, Kristalina Georgieva, improperly influenced a report in favor of China in her previous position at the World Bank.

An investigation by law firm WilmerHale found that Georgieva, while she was the World Bank’s chief official, She lobbied to boost China’s standing in the 2018 edition of Doing Business. Georgieva said she disagreed “fundamentally” with the results.

“Given how critical it is for this data to be incurable and irreparable, Bob Menendez, chairman of the Senate Foreign Relations Committee, said the allegations were deeply troubling.And Democrat from New Jersey and prominent member Jim Risch from Idaho, in a letter dated September 22, seen by Bloomberg on Monday. “The impact of these accusations on the strength and reputation of our international financial institutions and the Bretton Woods system remains unknown, but they certainly will not be good.”

Kristalina Georgieva was accused of falsifying data for China during her tenure at the World Bank (Reuters)
Kristalina Georgieva was accused of falsifying data for China during her tenure at the World Bank (Reuters)

on september 24 Maxine Waters, Democrata de California And Chairman of the House Financial Services Committee, he said the results of the WilmerHale review were “extremely concerning,” that The situation undermined the reputation of the World Bank and questioned the leadership of the International Monetary Fund.

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On September 22, Rep. French Hill, an Arkansas Republican and one of the strongest critics in Congress of the International Monetary Fund’s distribution of drawing rights last month for $650 billion, two members of Congress They asked the Treasury Department to make recommendations to ensure rigorous and transparent data integrity in IMF and World Bank reports.

The United States has veto power over decisions of the International Monetary Fund and the World Bank.

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