Yellen tells IMF’s Georgieva data-rigging probe raised ‘legitimate’ concerns-Treasury

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Treasury Secretary Janet Yellen testifies throughout the Home Monetary Providers Committee listening to in Washington, U.S., September 30, 2021. Sarah Silbiger/Pool through REUTERS

WASHINGTON, Oct 11 (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 towards the IMF chief “raised official 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 bolster knowledge 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 govt board on Monday reaffirmed its full confidence in Georgieva’s management of the Fund after a prolonged assessment of a World Financial institution exterior .

The report by legislation agency WilmerHale alleged that when Georgieva was World Financial institution CEO in 2017, she pressured financial institution workers to change knowledge 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 knowledge affecting the scores of Saudi Arabia and different international locations.

Yellen advised Georgieva her precedence in pushing for a radical assessment 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 carefully, consider any new information 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.

Reporting by David Lawder; Modifying by Kim Coghill & Shri Navaratnam


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