clearn.png
Saturday December 4th, 2021 11:26PM

IMF board approves allowing Georgieva to remain as IMF head

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — The International Monetary Fund expressed “full confidence” in its managing director Tuesday in response to allegations that World Bank staff were pressured to change business rankings for China in an effort to placate Beijing.

The IMF’s 24-member executive board said in a statement that its review “did not conclusively demonstrate that the managing director, Kristalina Georgieva, played an improper role” in the situation in her former role as a top official of the World Bank.

“Having looked at all the evidence presented, the executive board reaffirms its full confidence in the managing director’s leadership and ability to continue to effectively carry out her duties,” it said.

However it said the probe into possible misconduct by World Bank staff was continuing and the United States, the IMF's largest shareholder, said it planned to closely monitor the further investigation into the issue.

Georgieva has denied any wrongdoing in response to a report alleging she played a role in pressuring staff to amend data affecting the business climate rankings of China and other nations.

U.S. Treasury Secretary Janet Yellen spoke with Georgieva by phone and said the report “raised legitimate issues and concerns,” the Treasury Department said in a statement.

However, the Treasury agreed that “absent further direct evidence with regard to the role of the managing director there is not a basis for a change in IMF leadership.”

Yellen said it was crucial to defend the integrity of both the IMF and World Bank.

The “U.S. believes proactive steps must be taken to reinforce data integrity and credibility at the IMF, and that the institution and its leadership must renew their commitment to upholding transparency and whistleblower protections surrounding policies, research, and analysis to provide accountability and public oversight over key decisions,” the Treasury statement said.

The IMF had said late Friday it was seeking more “clarifying details” in its investigation and the board met again with Georgieva on Sunday.

Georgieva appeared before a panel for more than five hours last week after a presentation by the law firm WilmerHale that alleged she and other World Bank officials had pressured staff to alter the data.

The law firm’s report prompted the World Bank to discontinue the annual Doing Business report, which China and other countries had used to attract foreign business investment.

The incident prompted critics to contend that China, the world’s second largest economy, has too much influence over international finance organizations.

The 190-nation IMF and World Bank annual meetings are being held this week in Washington and the controversy surrounding the Doing Business report was threatening to overshadow the agenda of those meetings.

Georgieva is only the second woman to head the IMF, taking over two years ago from Christine Lagarde, who left the IMF to become head of the European Central Bank.

  • Associated Categories: Associated Press (AP), AP National News, Top U.S. News short headlines, Top General short headlines, AP Online Headlines - Washington, AP World News, AP Business, AP Business - Industries, AP Business - Financial Services
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
IMF board approves allowing Georgieva to remain as IMF head
The International Monetary Fund expressed “full confidence” in its managing director Tuesday in response to allegations that World Bank staff were pressured to change business rankings for China in an effort to placate Beijing
12:35AM ( 6 minutes ago )
Plane crash kills 2, burns homes in California neighborhood
Recordings show a twin-engine plane that killed at least two people and left a swath of destruction in a San Diego suburb nose-dived into the ground after repeated warnings that it was flying dangerously low
12:14AM ( 26 minutes ago )
Walk it off: Red Sox eliminate Rays 6-5 with late sac fly
Kiké Hernandez delivered Boston’s second straight walk-off win, scoring pinch-runner Danny Santana with a sacrifice fly in the ninth inning to send the Red Sox to the AL Championship Series with a 6-5 win over the Tampa Bay Rays
12:10AM ( 30 minutes ago )
Associated Press (AP)
Justice Department again presses to halt Texas abortion law
The Biden administration is again urging courts to step in and suspend a new Texas law that has banned most abortions in the state since early September
11:56PM ( 45 minutes ago )
Texas governor orders ban on private company vaccine mandate
Texas Gov. Greg Abbott issued an executive order Monday to prohibit any entity, including private business, from enforcing a COVID-19 vaccine mandate on workers and called on state lawmakers to pass a similar ban into law
11:17PM ( 1 hour ago )
Kim vows to build 'invincible' military while slamming US
North Korean leader Kim Jong Un has reviewed a rare exhibition of weapons systems and vowed to build an “invincible” military, as he accused the United States of not taking action to prove it has no hostile intent toward the North
11:09PM ( 1 hour ago )
AP National News
Indigenous Peoples Day marked with celebrations, protests
Indigenous people marked Monday with celebrations of their heritage, education campaigns and a push for the Biden administration to make good on its word
9:57PM ( 2 hours ago )
California coronavirus death count tops 70,000 as cases fall
California’s coronavirus death toll has reached another once-unfathomable milestone: 70,000 people
9:25PM ( 3 hours ago )
At least 2 dead in California plane crash that burned homes
Authorities say at least two people were killed and two others injured when a small plane crashed into a suburban San Diego neighborhood, destroying two homes and a delivery truck
8:10PM ( 4 hours ago )
Top U.S. News short headlines
Bus plunge, floods leave at least 28 dead in northern China
Chinese authorities have confirmed 13 people died after a bus plunged into a rushing river amid heavy flooding that has caused 15 other fatalities
11:45PM ( 57 minutes ago )
High winds prompt PG&E to shut power to 25,000 in California
Pacific Gas & Electric has started cutting power to about 25,000 customers in northern and central California as high winds toppled trees, downed power lines and ignited at least one of several fires that forced people to flee from their homes
11:15PM ( 1 hour ago )
Southwest cancels hundreds more flights; passengers stranded
Southwest Airlines has canceled hundreds more flights following a weekend of major service disruptions that it blamed on bad weather and air traffic control issues
9:23PM ( 3 hours ago )
AP Business
Moderna has no plans to share its COVID-19 vaccine recipe
The chairman of Moderna says the company has no plans to share the recipe for its COVID-19 vaccine because executives have concluded that scaling up their own production is the best way to increase the global supply
4:22PM ( 8 hours ago )
Stocks give up an early gain and end lower on Wall Street
Stocks gave up an early gain and ended lower on Wall Street Monday
4:12PM ( 8 hours ago )
Mexico presents plan to shutter private power plants
Mexico's president has presented details of a plan that is likely to squeeze out private power generating plants and may provoke complaints under the Mexico-U.S.-Canada free trade accord
3:27PM ( 9 hours ago )
AP Business - Industries
EXPLAINER: How US states help rich foreigners shield assets
A mention of “tax havens” typically conjures images of sun-soaked Caribbean escapes like the Cayman Islands or the buttoned-down banks of Switzerland
3:01PM ( 1 day ago )
IMF board says needs more time to weigh data-rigging details
The International Monetary Fund says it needs more time to weigh its response to a law firm's findings that the agency’s managing director was involved in data-rigging at the World Bank when she was a top official there
9:30PM ( 3 days ago )
Asian stocks follow Wall St higher after Congress debt deal
Asian stocks have followed Wall Street higher after U.S. lawmakers temporarily averted a possible government debt default while investors waited for American jobs numbers
11:57PM ( 4 days ago )
AP Business - Financial Services
Plane crash kills 2, burns homes in California neighborhood
Recordings show a twin-engine plane that killed at least two people and left a swath of destruction in a San Diego suburb nose-dived into the ground after repeated warnings that it was flying dangerously low
12:14AM ( 27 minutes ago )
Walk it off: Red Sox eliminate Rays 6-5 with late sac fly
Kiké Hernandez delivered Boston’s second straight walk-off win, scoring pinch-runner Danny Santana with a sacrifice fly in the ninth inning to send the Red Sox to the AL Championship Series with a 6-5 win over the Tampa Bay Rays
12:10AM ( 32 minutes ago )
IMF board approves allowing Georgieva to remain as head
The International Monetary Fund expressed “full confidence” in its managing director Tuesday in response to allegations that World Bank staff were pressured to change business rankings for China in an effort to placate Beijing
12:09AM ( 33 minutes ago )
Activists seek legal marijuana in former hippie haven Nepal
Widely available marijuana once drew thousands of hippies to Nepal, where its use was not only accepted but embedded in both the culture and religion
12:05AM ( 37 minutes ago )
Report: Offshore wind supply chain worth $109B over 10 years
A group studying the economics of offshore wind energy in the U.S. says building and operating the nascent industry will be worth $109 billion to businesses in its supply chain over the next 10 years
12:04AM ( 38 minutes ago )