Georgieva gives details of World Bank investigation

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(Bloomberg) – IMF Managing Director Kristalina Georgieva this week provided the bank’s board with a more detailed defense against allegations against her that she improperly influenced a pro-China report on her previous job at the bank. World.

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In a three-page letter to the chairman of the board’s ethics committee, dated September 21, obtained by Bloomberg News, Georgieva, who was then CEO of the World Bank, said she was surprised by the conclusion of the business. WilmerHale’s attorney in a Sept. 15 audit report that he played a “key role” in China’s ranking changes in the 2018 Doing Business report.

“This is simply wrong,” Georgieva wrote. “The premise on which this claim is based, that I pressured staff to inflate China’s Doing Business 2018 ranking due to the Bank’s capital increase, is incorrect and based on fundamental misunderstandings. regarding my role as CEO of the Bank. Globally, work on the capital increase, my participation in Doing Business 2018 and my personal and professional behavior ”.

The report put Georgieva, 68, in danger of having his authority undermined just weeks before an annual meeting of global finance chiefs. The US Treasury considers the allegations serious and is “analyzing the report,” while Republican lawmakers have asked the Treasury to investigate the allegations.

The IMF had previously promised a “thorough, objective and timely review” of the allegations against Georgieva. Last week, after the WilmerHale audit was released, Georgieva said she disagreed with the findings, saying she asked staff to double or triple check the data, but to never change its final message.

The IMF press service declined to comment on the letter. WilmerHale did not immediately respond to a request for comment.

In the letter, Georgieva said that his participation in the review of the Doing Business report was part of his role in overseeing the department that produced it.

Georgieva noted that she later learned that the Doing Business team “decided to make some changes to the data for China, which affected its ranking.” In the end, China’s ranking stayed the same as the year before rather than going down, it didn’t go up, Georgieva wrote.

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