IMF chief Georgieva says data-rigging scandal won’t hamper IMF-World Bank cooperation

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WASHINGTON, Oct 13 (Businesshala) – International Monetary Fund chief Kristalina Georgieva said on Wednesday she did not expect the data-rigging scandal involving her former employer, the World Bank, to disrupt decades of close cooperation between the two institutions. .

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Georgieva, who was cleared of wrongdoing in the case by the IMF’s executive board on Monday, sharply criticized a report prepared by law firm WilmerHale for the board of the World Bank and the decision to make its findings public Was.

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The law firm’s investigation report alleges that Georgieva and other senior World Bank officials applied “undue pressure” on bank employees to make changes to boost China’s ranking in the bank’s 2018 business climate report.

Georgieva vehemently denied the allegations, and she and her attorney pleaded guilty to not telling Wilmerhall that she was the subject of the investigation.

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Some of his supporters, including Nobel Prize-winning economist Joseph Stiglitz, called the report a “hatchet job” by World Bank President David Malpass, and Mark Weisbrot, co-director of the Center for Economic and Policy Research, called on Congress to investigate Malpass. action in the matter.

Malpass declined to comment beyond saying that the report speaks for itself.

Georgieva, a longtime World Bank official, told reporters that cooperation between the banks was “strong for decades” and will remain so.

“I love banks, and I love funds,” she said, “that it is a twin institutional setup that is delivered to the members. … We have big, big challenges ahead of us, where our institutions work together and Best to address.”

These included efforts to tackle the COVID-19 pandemic, addressing high debt levels among developing countries, and joint work on financial sector assessments.

Georgieva dismissed questions as to whether a proposed new IMF Resilience and Sustainability Trust overlapped with the World Bank’s mandate, saying fund officials were working closely with their bank counterparts in developing the new instrument. (Reporting by Andrea Schallal; Editing by Andrea Ricci)

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