The commitment of the authorities of the organization was to “carry out a thorough, objective and timely review”, highlighting in particular the “two extensive discussions, each with WilmerHale representatives and with the Managing Director”.
It is also indicated that the Board of Executive Directors took note of the World Bank’s investigation into possible misconduct by World Bank staff in the matter of the Doing Business report.
These meetings led managers to point out “Having examined all the evidence presented, the Executive Board reaffirms its full confidence in the leadership and ability of the Managing Director to continue to perform her duties effectively. “
They also give you a vote of confidence by stating that “The Board trusts the Managing Director’s commitment to uphold the highest standards of governance and integrity at the IMF.”
But to strengthen that the transparency of the agency’s reports will be ensured, the communiqué states that “The Board of Executive Directors also reiterates its own commitment to support the Managing Director. in maintaining the highest standards of governance and integrity in the IMF’s data, research and operations ”.
On the other hand, it sends a clear message to the staff by stating that “He is confident in the impartiality and analytical excellence of the IMF staff and in the soundness of the IMF. and effective channels of complaint, dissent, and accountability.
Although if all of the above were not enough, “the Executive Board plans to meet to consider possible additional steps to ensure the solidity of institutional safeguards in these areas.” In other words, we will strengthen controls.
Finally, he reiterates his confidence to Kristalina Georgieva by stating that “The Board of Executive Directors looks forward to continuing to work with the Managing Director, the rest of the management team and the dedicated staff of the IMF to address the serious challenges facing the world economy and the member countries of the IMF. IMF ”.
According to reports, Geogieva expressed her approval for the decision while once again confirming her innocence.
Although the Board of Directors has ratified Georgieva at the head of the IMF, the truth is that international analysts consider that this episode has weakened her figure and it is necessary to keep her in her position, some venture that also the organization.
Support
One of the decisive factors for Georgieva to finally keep her post was the call made this Tuesday morning by the Treasury Secretary, Janet Yellen.
As reported by the Secretary of the Treasury, the dialogue was for “Discuss the serious issues raised by the World Bank’s 2018 Doing Business report research.”
The statement specified that Yellen stated “that her priority is to preserve the integrity and credibility of the World Bank and the IMF and, for that reason, it was essential that the IMF Board of Directors carry out a thorough, fair and timely review of the conclusions. by WilmerHale ”.
The Secretary also defended that “the report raised legitimate questions and concerns.”
But he clarifies that “the Treasury, in line with other members of the IMF Board of Directors, believes that, in the absence of further direct evidence regarding the role of the Managing Director, there is no basis for a change in the leadership of the IMF ”.
In any case, it is clarified in the statement that Yellen “transmitted that the Treasury will closely monitor the follow-up, evaluate any new facts or findings, and that the WilmerHale report underscores the need for shareholders to be vigilant to defend the integrity of both the Bank as of the Fund ”.
In addition, it points out that “The US believes that proactive measures should be taken to reinforce the integrity and credibility of the data at the IMF ”.
In what sounds like a warning, Yellen claims that, “the institution and its leadership must renew their commitment to maintain transparency and the protection of whistleblowers around policies, investigation and analysis to provide accountability and public oversight. on key decisions ”.
In short, the United States supported Georgieva, but cautioned her that it will ensure the transparency of IMF reports.
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