Tuesday, January 18, 2022

The International Monetary Fund Council meets today to decide the fate of its president

The Executive Board of the International Monetary Fund plans to consult on the fate of Bank President Kristalina Georgieva on Monday after discussions Sunday with her and with a law firm alleging improper actions while working at the World Bank, according to a person familiar with the conversations.

The board, which includes 24 directors representing 190 countries in the fund, is trying to complete consideration of the issue as the International Monetary Fund and the World Bank begin their annual meetings in the presence of finance ministers, as well as central bank governors from around the world in Washington on Monday, and it includes dozens of events.

Sunday’s board meeting with law firm WilmerHale will go on for several hours in the afternoon, according to the insider, who requested anonymity due to the privacy of the conversations.

“The board made significant additional progress today with its evaluation, and plans to complete its consideration very soon,” said Jerry Rice, a spokesman for the fund, in a statement Sunday, confirming that the board had met with both the law firm and Georgieva.

for China?
The council met with Wilmer Hill and Georgieva last week as well. Members discuss an audit conducted by the law firm for the World Bank, based on a review of 80,000 documents and more than 30 interviews. She accuses Georgieva of pressuring employees to manipulate data in favor of China in the annual Doing Business report when she was a senior official at the development bank. Georgieva, who joined the International Monetary Fund in 2019, has denied any wrongdoing.

Treasury officials discussed last week whether the United States, the IMF’s largest contributor, should ask Georgieva to resign, according to a report from Bloomberg News on Wednesday that relied on people familiar with the situation.

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