IMF chief Kristalina Georgieva accused of rigging China's rank in World Bank report

REUTERSUpdated: Friday, September 17, 2021, 11:27 PM IST
article-image

PARIS: The International Monetary Fund's ethics committee and board need to look into a report alleging its chief Kristalina Georgieva pressured staff to boost China's ranking in a flagship report while at the World Bank, a French finance ministry source said on Friday.

Georgieva has headed the IMF since 2019, during which it has seen its role ramped up, distributing around $650 billion in new Special Drawing Rights, its quasi-currency, as part of a drive to help combat the economic damage inflicted by COVID-19.

Georgieva has said she disagrees "fundamentally with the findings and interpretations" of the report, but it has hurt her reputation just weeks before an annual meeting of global finance chiefs.

The results of the independent investigation, published on Thursday, said World Bank leaders including then-chief executive Georgieva applied "undue pressure" on staff to boost China's ranking in the bank's "Doing Business 2018" report.

At the time, the Washington-based multilateral lender was seeking China's support for a big capital increase. The World Bank said on Thursday it would cancel the report series, which has run since 2003, dismaying investors who rely on it to help them assess country risk.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Learning European languages now handy for Indians studying abroad

Learning European languages now handy for Indians studying abroad

Taliban carries out 1st public execution after Afghanistan takeover

Taliban carries out 1st public execution after Afghanistan takeover

WATCH: King Charles III visits gurdwara in England's Luton town, sits on floor, greets devotees with...

WATCH: King Charles III visits gurdwara in England's Luton town, sits on floor, greets devotees with...

Argentina's VP Cristina Fernandez de Kirchner sentenced to 6 years in jail for corruption

Argentina's VP Cristina Fernandez de Kirchner sentenced to 6 years in jail for corruption

China trade shrinks amid virus pressure, interest rate hikes

China trade shrinks amid virus pressure, interest rate hikes