October 17, 2021

Arunachal Front

Complete News World

The International Monetary Fund has no consensus on the fate of the managing director

Released on Monday, October 11, 2021 at 11:11 am.

The continued leadership of Kristalina Georgieva, accused of embezzlement by the IMF, was pending on Monday, casting a shadow over the company’s fall meetings this week.

The board of directors of the International Monetary Fund believes it has made “significant progress” in understanding the issue and may meet again on Monday, according to two sources familiar with the matter, after a series of meetings last week.

The 24-member board, which represents 190 countries, usually makes a unanimous decision. The purpose of this file is to “complete the selection as soon as possible,” a spokesman explained in a statement released two days ago on Sunday evening.

Even if the management of the International Monetary Fund renews its confidence in him, the 68-year-old Bulgarian managing director will be weakly exposed by the results of an investigation on September 16. Wilmerhail Cabinet of Attorneys.

The investigation revealed irregularities in the 2018 and 2020 editions of the World Bank’s “doing business” report. And its authors accused Cristalina Georgieva of putting pressure on her teams when she was the World Bank’s managing director, giving China a very positive ranking.

The survey was conducted at the request of the World Bank’s ethics committee.

The lack of decision is cooling the finance and World Bank meetings starting on Monday.

Ms. Georgieva is about to speak at a roundtable on the topic: Rediscovering the Workplace for Women.

But more than all the press conferences he held on Wednesday are now eagerly awaited.

The IMF Board of Directors heard representatives from Ms. Georgieva and Wilmerhail.

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But Kristalina Georgieva’s fate vehemently denies the allegations against her and divides the IMF members.

On the one hand, Europe and Africa want to maintain it. The United States and Japan, on the other hand, are reluctant to continue their activities, according to sources close to the matter.

A source in the French Ministry of Finance told the AFP on Monday that the Wilmerhail cabinet report “does not allow us to describe specific elements that directly refer to the IMF executive director.”

Six former World Bank officials, in a statement released by a public relations firm retained by Kristalina Georgieva, recently defended him, calling him “committed to better integration and development.”

– Integrity of companies at risk –

Jeffrey Sachs, director of Columbia University’s Center for Sustainable Development, described his removal in the Financial Times as “dangerous and costly surrender to anti-Beijing hysteria”, and Washington blamed China’s intervention in international organizations. .

Joseph Stiglitz, a Nobel laureate and former chief economist at the World Bank, called her role a “conspiracy” and the Wilmerhail report was an “attempt to demolish” the project syndicate, in an article published in the online commentary media.

Her supporters highlighted her achievement during the crisis caused by the Govt-19 epidemic, and the leader worked to help the most vulnerable countries.

Alexandra Lamanna, a spokeswoman for the U.S. Treasury, explained this week that the “responsibility” of the United States is to “maintain the integrity of international financial institutions” that provide economic data.

The International Monetary Fund is set to release its latest global economic outlook on Tuesday.

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Ms. Georgieva took over as head of funding on October 1, 2019, replacing Christine Lagarde, who was appointed to the European Central Bank. She was the only candidate then.

The fund is traditionally run by Europeans, while the World Bank is in the hands of an American, now David Malpas.