IMF board expected to decide Managing Director Georgieva’s fate on Monday

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WASHINGTON, Oct 10 (Businesshala) – The International Monetary Fund’s executive board was meeting on Sunday with managing director Kristalina Georgieva and the law firm, which claims it favored China over World Bank employees at its previous job. Pressured to change the data, said a source familiar with the matter.

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The 24-member board plans to meet again on Monday to decide Georgieva’s future at the helm of the global lender, as top officials from several of its 190 member countries arrive in Washington for a meeting of the IMF and World Bank , said the sources, who spoke on condition of anonymity.

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The IMF’s executive board debated the matter for five hours on Friday before adjourning and scheduling separate meetings with lawyers for the Georgieva and Wilmerhall law firm on Sunday. Those meetings went on till the evening hours on Sunday.

The scandal threatens to overshadow high-profile meetings where Georgieva, World Bank President David Malpass and other senior officials plan to discuss the global economy, the ongoing COVID-19 pandemic and international taxation.

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Georgieva strongly denied The allegations, which date back to 2017, when she was the chief executive of the World Bank.

wilmerhales Inspection report prepared for the World Bank Board Alleged Georgieva applied “undue pressure” on bank employees in time to make data changes to boost China’s ranking in a major “Doing Business” report, such as the bank’s support of Beijing for a major capital increase. was demanding.

Georgieva’s lawyer says the Wilmerhall investigation violated World Bank staff rules by denying them a chance to respond to the charges, claims a law firm disputes.

There was no immediate comment from Georgieva or the law firm regarding Sunday’s meetings.

France and other European governments on Friday backed the Bulgarian economist to complete his term as IMF chief, while US officials and others criticized data irregularities in the World Bank’s now-cancelled major “Doing Business” report. I asked for more time to study the different accounts.

The Financial Times reported on Sunday that the United States and Japan are seeking to sack Georgieva, without citing any specific sources.

The US Treasury, which controls 16.5% of the IMF’s shares, declined to comment on the FT report. There was no immediate comment from the Japanese embassy in Washington.

Reporting by Andrea Schallal, Editing by Ross Colvin and Diane Craft


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