The Executive Board of the International Monetary Fund (IMF) said today that it maintains "full confidence" in the leadership of Kristalina Georgieva, who has been accused of wrongdoing, and in "her ability to continue to perform her duties effectively.".
In a statement, the institution's governing body said that the information presented during the investigation did not lead to the conclusion that the Bulgarian economist had played "an improper role with regard to the 'Doing Business 2018' Report when she was director-general of the World Bank."
"Having reviewed all the evidence presented, the Board of Directors reaffirms its full confidence in the Director General's leadership and in her ability to continue to perform her duties effectively," the note can be read.
According to France-Presse news agency (AFP), Georgieva welcomed the decision, saying that the allegations were "unfounded."
The question of whether 68-year-old Kristalina Georgieva should remain at the head of the IMF arose after the publication on September 16 of the findings of an investigation conducted by the WilmerHale law firm.
The authors of the document pointed to irregularities in the preparation of the 2018 and 2020 editions of the World Bank's "Doing Business" report, accusing Georgieva of having pressured her teams when she was that institution's director general to give China a more favorable rating.
The investigation was carried out at the request of the World Bank's ethics committee after the report, which ranks countries according to the ease of doing business, became the subject of much controversy and led to the resignation of former chief economist Paul Romer.
The IMF Executive Board heard from Georgieva, who denied the charges, and representatives of the WilmerHale firm.
In the note, the IMF said the decision was made after the eighth meeting on the case, "as part of the board's commitment to a thorough, objective and accurate review."
"The Board found that the information presented during the review did not conclusively demonstrate that the Managing Director played an improper role with respect to the 'Doing Business 2018' report when she was Managing Director of the World Bank," it said.
The body, which has 24 members representing 190 countries and generally makes its decisions by consensus, added that it has confidence "in Georgieva's commitment" to "maintaining the highest standards of governance and integrity at the IMF."
"Trust and integrity are the cornerstones of the multinational organizations I have faithfully served for more than four decades," Georgieva said, quoted by AFP.
The Bulgarian economist stressed that the case was "a difficult episode on a personal level," expressing her "unwavering support for the independence and integrity" of the institutions.
Six former World Bank officials, in a statement issued by a public relations agency, had recently defended Georgieva, calling her "a person of the highest integrity and committed to development."
The IMF is expected to publish the latest global economic outlook today.
Georgieva is expected to speak at a press conference on Wednesday.
Kristalina Georgieva took over as head of the Fund on October 1, 2019 to replace Christine Lagarde, who was appointed to the European Central Bank (ECB), and was the only candidate at the time.
The Fund is traditionally headed by a European while the World Bank is in the hands of an American, currently David Malpass.
Lusa Agency