IMF Board Postpones Decision on Future Resolution of Georgieva

Date:

Board of directors IMF Cristalina Georgieva takes control of the institution “immediately” after failing to reach an agreement on Friday after extensive discussions on allegations of her ethical doubts in her previous position at the World Bank. He says more information is needed before deciding on the future of Georgieva.

In a statement released late Friday, an IMF spokesman said the board undertook a “thorough, objective and timely review” of the situation, but needed additional information before continuing. Stated.

“The board has made great strides in its assessment, but at today’s meeting we agreed to request clearer details with a view to ending the issue consideration sooner,” he said. rice field.

The decisive result is Germany, UK and Italy Join France By helping the embarrassed IMF leaders, according to officials who outlined the debate. However, the fund’s largest shareholder, the United States, has yet to reveal its position.

The US Treasury declined to comment on Friday after the IMF board postponed the meeting. Earlier this week, the ministry emphasized the need for “thorough and fair accounting of all facts.”

The IMF Board hoped to make a decision this week ahead of its annual meeting in Washington with the World Bank starting Monday. Many warn that unresolved situations are at risk of obscuring flagship events. Georgieva It is set to lead some keynotes.

“I answered all the questions asked to me. The board is free to end the discussion as soon as possible so that everyone can focus on the important decisions that members care about at the annual meeting. Georgieva said in a statement on Friday after the meeting was over.

Georgieva, CEO of the World Bank, favors China in the 2018 edition of the World Bank’s widely followed Doing Business Annual Report when he took up the IMF’s highest position in October 2019. It has been accused of manipulating various data. She denied cheating.

European leaders usually lead the process of electing IMF chiefs, and one of the fund’s former senior officials may have largely explained their support for Georgieva, despite the controversy. Said.

“It’s a lot of eggs on the face for Europeans. To choose a managing director, everyone says,” Why do they need to retain this exorbitant privilege they have? ” Let’s say, the person said.

“Europeans know that if Georgieva collapses, there is a call to open a business. [that process] Up. “

Georgieva’s position was further complicated on Friday, when Bloomberg reported in its July IMF annual report that it had eased criticisms of Brazil’s environmental policy. Georgieva reportedly agreed to change the report after meeting with Brazil’s IMF board representative, Afonso Bevilaqua.

According to IMF staff familiar with the process, Bevilaqua is also the chair of the Institutional Review Board’s investigation into the allegations against Georgieva.

“The goal of the board and all of us is to allow them to provide a clear path to the agency,” said Jeffrey Okamoto, IMF’s first deputy managing director, on Wednesday with the fund’s staff in town. He spoke at the hall meeting. ..

“We need to take steps to rebuild neutrality and integrity in the eyes of the public, and potentially in the eyes of some shareholders.”

Additional report by Guy Chazan in Berlin

IMF Board Postpones Decision on Future Resolution of Georgieva

Source link IMF Board Postpones Decision on Future Resolution of Georgieva

The post IMF Board Postpones Decision on Future Resolution of Georgieva appeared first on Eminetra.

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