The board of the International Monetary Fund (IMF) has expressed its full confidence in top woman Kristalina Georgieva in a statement. The Bulgarian economist had been in disagreement because in her previous position as head of the World Bank, she would have pressured employees to adapt reports.
The goal would have been to get China higher on an international ranking of countries where it is beneficial to invest. Georgieva had been under fire for weeks and an investigation into the allegations was launched.
The IMF‘s 24-member board of directors now says that the investigation “shows inconclusive that Georgieva played an inappropriate role”. “Having looked at all the evidence presented, the board of directors confirms its full confidence in the director’s leadership and the ability to effectively perform its duties.”
The top woman is delighted with the board‘s conclusion. “This has obviously been a difficult period in my life,” she says. “However, I would like to express my full support for the independence and integrity of institutions such as the World Bank and the IMF. And my respect for everyone who is committed to protecting the values on which these organizations are based.”
US and Japan urged further investigation
Georgieva has always denied that she tried to rank China up the rankings. France and other European countries, among others, supported her.
However, the United States and Japan, the two countries with the most powerful within the IMF, wanted extensive research to be done, says a source against Reuters news agency. Due to lack of direct evidence, the US decided not to steer on the 68-year-old top woman’s dismissal.
The Bulgarian was appointed chairman of the IMF in 2019. She was in the race for the top position with former finance minister Dijsselbloem. Dijsselbloem eventually withdrew because he received too little support from the European Finance Ministers. Traditionally, the IMF is led by a European.