Yellen informs IMF’s Georgieva data-rigging probe raised ‘genuine’ concerns-Treasury - Financial Markets Worldwide

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Economy Oct 11, 2021 11: 25 PM ET

Yellen tells IMF's Georgieva data-rigging probe raised 'legitimate' concerns-Treasury
© Reuters. SUBMIT PHOTO: Treasury Secretary Janet Yellen affirms throughout your home Financial Services Committee hearing in Washington, U.S., September 30,2021 Sarah Silbiger/Pool by means of REUTERS

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen informed International Monetary Fund Managing Director Kristalina Georgieva on Monday that a law practice’s report into World Bank data-rigging claims versus the IMF chief “raised genuine concerns and issues” however an absence of direct proof indicated a management modification was baseless.

Yellen stated in the declaration that “proactive actions should be required to enhance information stability and trustworthiness at the IMF,” and Georgieva and other Fund leaders should restore their dedication to supporting openness in research study, analysis and policies.

The call followed the IMF executive board on Monday declared its complete self-confidence in Georgieva’s management of the Fund after a prolonged evaluation of a World Bank external examination report a922 cc9273 b7b120 d49 ad3b9e9d3f9-0090012021/ original/DB-Investigation-Findings- and-Report-to-the-Board-of-Executive-Directors-September-15-2021 pdf.

The report by law office WilmerHale declared that when Georgieva was World Bank CEO in 2017, she pushed bank personnel to modify information to increase China’s rating in the flagship “Doing Business” report. The company’s examination is continuous and will penetrate additional World Bank personnel misbehavior in the 2017 China modifications and in 2019 changes of Doing Business information impacting ball games of Saudi Arabia and other nations.

Yellen informed Georgieva her top priority in promoting a comprehensive evaluation of the matter was “to maintain the stability and trustworthiness of the World Bank and the IMF.”

” Secretary Yellen likewise communicated that Treasury will keep track of follow-up carefully, examine any brand-new realities or findings which the WilmerHale report does highlight the requirement for investors to be alert in protecting the stability of both the Bank and the Fund,” the Treasury stated in its declaration.

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