Georgieva Keeps IMF Helm Despite Scandal

Kristalina Georgieva was secured in her job at the helm of the International Monetary Fund on Monday after the Washington-based crisis lender’s board reaffirmed its confidence in the scandal-hit Bulgarian economist.

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Georgieva’s role at the institution was called into question after the September 16 publication of the findings of an investigation carried out at the request of the ethics committee of the World Bank, where Georgieva had previously held a senior role.

The investigation by law firm WilmerHale concluded that Georgieva had manipulated data in favor of China while at the global body, which she has denied.

Drawn out uncertainty over whether Georgieva would keep her job ended Monday when the IMF board said it “reaffirms its full confidence in the Managing Director’s leadership and ability to continue to effectively carry out her duties.”

“The Executive Board considered that the information presented in the course of its review did not conclusively demonstrate that the Managing Director played an improper role regarding the Doing Business 2018 Report when she was CEO of the World Bank,” its statement read.

The board added it would “meet to consider possible additional steps to ensure the strength of institutional safeguards.”

WilmerHale’s controversial findings center on the drafting of the 2018 and 2020 editions of the World Bank report that ranks countries according to their ease of doing business.

The push came while bank leadership was engaged in sensitive negotiations with Beijing over increasing the bank’s lending capital

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