In response to charges that World Bank officials were coerced to adjust business rankings for China in order to appease Beijing, the International Monetary Fund reaffirmed “complete confidence” in its managing director on Tuesday.
In a statement, the IMF’s 24-member executive board stated its investigation “could not decisively indicate that the managing director, Kristalina Georgieva, took an illegal role” in the scenario in her previous job as a top World Bank official.
The executive board “reaffirms its full confidence in the managing director’s leadership and capacity to continue to effectively carry out her duties” after reviewing the material.
However, it stated that the inquiry into alleged World Bank staff malfeasance was ongoing and that the United States, the IMF’s largest shareholder, intended to closely follow the outcome of the investigation.
Georgieva has denied any wrongdoing in response to a report saying she influenced workers to change data that affected China’s and other countries’ business climate rankings.
Treasury Secretary Janet Yellen spoke with Georgieva over the phone, saying the study “raised legitimate questions and concerns,” according to a statement from the Treasury Department.
