The Executive Board of the International Monetary Fund (IMF) announced on Monday evening that it reaffirms its "full confidence" in Managing Director Kristalina Georgieva, a decision that allows her to retain her position despite allegations of misconduct. The global financial institution stated in a release that its Board concluded that the information revealed during the investigation did not demonstrate any "inappropriate role" by the Bulgarian economist.
Georgieva (68 years old) quickly welcomed the Executive Board's decision, reiterating that the allegations against her are "groundless." The question of whether the Managing Director would remain in her position arose after the law firm WilmerHale published the results of an investigation on September 16, commissioned by the World Bank's ethics committee. The investigation concluded that when Georgieva held the position of General Director at the World Bank, she was among senior officials who pressured bank employees to alter data in favor of China while preparing the "Doing Business" report for 2018. However, Georgieva firmly denied the validity of WilmerHale's findings.
On Monday evening, the IMF stated that its Executive Board made the decision to keep the Managing Director in her role after holding its eighth meeting on the matter, confirming that these meetings were conducted "in a commitment to a thorough, objective, and rigorous review." The statement added that "the Executive Board concluded that the information provided during its review did not definitively prove that the Managing Director played an inappropriate role regarding the 'Doing Business 2018' report when she was General Director of the World Bank."
The statement continued, "After reviewing all the evidence presented, the Executive Board reaffirms its full confidence in the Managing Director's leadership and her ability to continue fulfilling her duties effectively." It also expressed confidence in Georgieva's "commitment to upholding the highest standards of governance and integrity at the IMF." For her part, Georgieva stated that "trust and integrity are cornerstones of the multilateral organizations I have loyally served for over four decades."
