March 22, 2023

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Georgieva is painfully receiving her pain as IMF leader

Bulgarian Kristalina Georgieva retained her post as IMF managing director on Monday evening, gaining the support of the board, but was too upset at this week’s hearing.

Ms. Georgieva, 68, chairwoman of the International Monetary Fund, said the question of maintenance had been raised since September 16, when the World Bank’s ethics committee concluded that the investigation was carried out at the request of law firm Wilmerhail.

The leader was accused of manipulating a statement in favor of China, facts he always denies.

In the IMF press release, the Board of Directors considers that the information provided during its review did not conclusively prove that the CEO played an inappropriate role in “doing business + 2018 when he was CEO of the World Bank”.

“After examining all the evidence provided, the Board of Management reaffirms its full confidence in the leadership and the Director General’s ability to effectively carry out its duties effectively,” the text states.

The announcement comes as the IMF and the World Bank began their fall meetings on Monday in the wake of their integrity issue.

The governing bodies say they are confident in Ms. Georgieva’s “commitment” to maintaining good governance and integrity at the IMF.

However, the board plans to meet in the future to “consider possible additional measures to ensure the project” based on the integrity of the company.

– «Chapter Difficulty» –

For his part, Georgieva insisted that the case was “a difficult chapter on a personal level,” while reaffirming that the facts were “unsubstantiated.”

“When we meet with the International Monetary Fund this week, I am proud to lead a talented team working tirelessly to tackle the world’s biggest challenges, from the fight against Covit-19 to the fight against climate change and economic inequality,” he said.

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The issue has deeply divided the 24 members of the International Monetary Fund’s board of directors.

Although France, the United Kingdom and Europe still express their broad support for Ms. Georgie, the United States is reluctant to keep her in office.

So it was at the end of almost four weeks of negotiations that the United States joined the Europeans who wanted to retain Ms. Georgieva.

The IMF conducted a “complete” and “objective” review of the case, meeting a total of eight times.

During the meeting with the Council, Ms. Georgieva lamented the “false and misleading assumptions made by the authors of the report.”

At the same time, it received the support of former World Bank officials and eminent economists, including Nobel laureate Joseph Stiglitz.

For its part, the U.S. Treasury breathed a sigh of relief, emphasizing the importance of a “complete and fair report on all facts.”

“Our primary responsibility is to safeguard the integrity of international financial institutions,” explained Alexandra Lamanna, a spokeswoman.

The IMF Board of Directors noted that the World Bank’s investigation into employee misconduct in the Doing Business Report case was “ongoing.”

Ms. Georgieva took over as head of the fund on October 1, 2019, replacing Christine Lagarde, a French woman appointed to the European Central Bank.

He was then the only candidate for the post.

According to the category of roles derived from the creation of the Bretton Woods companies, this fund has traditionally been led by a European, while the World Bank is in the hands of an American, currently David Malpas.

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However, in 2019, IMF officials had to change the laws to authorize the appointment of Ms. Georgieva beyond the age limit, which was later set at 65.