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© Reuters. FILE PHOTO: Treasury Secretary Janet Yellen testifies throughout the Home Monetary Companies Committee listening to in Washington, U.S., September 30, 2021. Sarah Silbiger/Pool by way of REUTERS
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen advised Worldwide Financial Fund Managing Director Kristalina Georgieva on Monday {that a} legislation agency’s report into World Financial institution data-rigging allegations in opposition to the IMF chief “raised reputable points and issues” however an absence of direct proof meant a management change was unwarranted.
Yellen stated within the assertion that “proactive steps should be taken to strengthen information integrity and credibility on the IMF,” and Georgieva and different Fund leaders should renew their dedication to upholding transparency in analysis, evaluation and insurance policies.
The decision got here after the IMF government board on Monday reaffirmed its full confidence in Georgieva’s management of the Fund after a prolonged evaluate of a World Financial institution exterior investigation report https://thedocs.worldbank.org/en/doc/84a922cc9273b7b120d49ad3b9e9d3f9-0090012021/authentic/DB-Investigation-Findings-and-Report-to-the-Board-of-Govt-Administrators-September-15-2021.pdf.
The report by legislation agency WilmerHale alleged that when Georgieva was World Financial institution CEO in 2017, she pressured financial institution workers to change information to spice up China’s rating within the flagship “Doing Enterprise” report. The agency’s investigation is ongoing and can probe additional World Financial institution workers misconduct within the 2017 China alterations and in 2019 alterations of Doing Enterprise information affecting the scores of Saudi Arabia and different international locations.
Yellen advised Georgieva her precedence in pushing for a radical evaluate of the matter was “to protect the integrity and credibility of the World Financial institution and the IMF.”
“Secretary Yellen additionally conveyed that Treasury will monitor follow-up intently, consider any new details or findings and that the WilmerHale report does underscore the necessity for shareholders to be vigilant in defending the integrity of each the Financial institution and the Fund,” the Treasury stated in its assertion.
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