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

By Andrea Shalal

WASHINGTON (Reuters) – The board of directors of the International Monetary Fund met on Sunday with executive director Kristalina Georgieva and the law firm, who said she had pressured World Bank staff to change dates to favor China in their previous work, shared sources familiar with the matter.

The 24-member board of directors plans to meet again on Monday to decide Georgieva’s future at the helm of the global lender, while senior officials from many of its 190 member countries arrive in Washington for the fall meetings of the IMF and World Bank, the sources said: who spoke on condition of anonymity.

The IMF Executive Board debated the matter for five hours https://www.reuters.com/business/imf-board-debate-georgievas-future-with-some-backing-europe-sources-2021-10-08 the previous Friday Postponement and planning of separate meetings on Sunday https://www.reuters.com/business/exclusive-imf-board-meet-sunday-more-talks-georgievas-future-2021-10-09 with Georgieva and lawyers for the WilmerHale law Festivals. These meetings continued on Sunday into the evening hours.

The scandal threatens to overshadow the 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.

Georgieva has https://www.skdknick.com/wp-content/uploads/2021/10/2021.10.06-Statement-of-Kristalina-Georgieva-to-IMF-Executive-Board.pdf, the date of which goes back to ins 2017 when she was head of the World Bank.

Investigation report from WilmerHale for the board of directors of the World Bank https://thedocs.worldbank.org/en/doc/84a922cc9273b7b120d49ad3b9e9d3f9-0090012021/original/DB-Investigation-Findings-and-Report-to-the-Board-of-Executive-Directors – September-15-2021.pdf claimed Georgieva was putting “undue pressure” on bank employees at the time to make data changes to improve China’s ranking in the flagship “Doing Business” report, just as the bank was giving Beijing support for a major sought capital increase.

The story goes on

Georgieva’s attorney says https://www.reuters.com/business/imf-chief-georgievas-lawyer-claims-data-probe-violated-world-bank-staff-rules-2021-10-07, the WilmerHale investigation had employees of the The World Bank violates rules in part by denying it the opportunity to respond to the allegations, a claim the firm denies.

No comment on the Sunday meetings was immediately available from Georgieva or the law firm.

France and other European governments backed the Bulgarian economist on Friday to end her tenure as head of the IMF, while US officials and others sought more time to review the various reports of data irregularities in the now-discontinued flagship report of the World Bank, “Doing Business ” to study.

The Financial Times reported Sunday that the United States and Japan want Georgieva out of the job, without naming specific sources.

The US Treasury Department, which controls 16.5% of the IMF’s shares, declined to comment on the FT report. No comment was immediately available from the Japanese embassy in Washington.

(Reporting by Andrea Shalal, Editing by Ross Colvin and Diane Craft)