End of the show.

Kristalina Georgieva painfully obtained her retention as Managing Director of the International Monetary Fund (IMF), receiving, Monday, October 11, in the evening, the support of the board of directors of the institution, but emerges very distressed from these weeks of investigation.

The question of retaining Kristalina Georgieva, 68, at the head of the IMF had been raised since the publication, on September 16, of the conclusions of an investigation by the law firm WilmerHale, carried out at the request of the ethics committee of the World Bank.

The Bulgarian was accused of having manipulated a report to favor China, facts that she has always denied.

>> To read also: "Ranking manipulated: why China could cost the IMF boss her job"

"The Board of Directors considered that the information presented during its review did not conclusively demonstrate that the CEO played an inappropriate role in relation to the 'Doing Business 2018' report when she was CEO of the World Bank, "according to an IMF press release.

"After examining all the evidence presented, the executive board reaffirms its full confidence in the leadership and the ability of the director general to continue to perform her duties effectively," adds the text.

The announcement comes as the IMF and the World Bank began their fall meetings on Monday against the backdrop of the issue of their integrity.

The governing bodies add that they have confidence "in the commitment" of Kristalina Georgieva "to maintain the best standards of governance and integrity at the IMF".

However, the board of directors plans to meet in the future "to examine possible additional measures aimed at ensuring the solidity" of the institution in this area.

The divided board

For her part, the director general stressed that this case had been "a difficult episode on a personal level" while reaffirming that the facts were "unfounded".

“As the IMF meets this week, I am honored to lead such a talented team that works tirelessly to tackle the world's greatest challenges, from the fight against Covid-19 to the fight against climate change and the fight against economic inequalities, ”she also reacted.

>> To see: "Accused of irregularities, the Managing Director of the IMF in the hot seat"

This affair has deeply divided the 24 members of the board of directors.

While France, the United Kingdom and Europe more broadly have expressed their support for Kristalina Georgieva, the United States has been more reluctant to renew their confidence.

In a separate statement, US Treasury Secretary Janet Yellen said she met Monday with the boss of the IMF "to discuss the serious issues" raised "by this investigation which generated" legitimate concerns ".

She stressed that her priority was "to preserve the integrity and credibility of the World Bank and the IMF".

However, like other members of the IMF's board of directors, the Treasury considered that "in the absence of additional direct evidence concerning the role of the managing director, there is no basis for a change of direction "of the Fund.

"Proactive measures must be taken"

The IMF said it had conducted a "comprehensive" and "objective" review of the case, meeting a total of eight times.

The Treasury, however, warned Monday evening that it will assess "everything new".

Washington also believes that "proactive measures must be taken to strengthen the integrity and credibility of data at the IMF."

For its part, the Board of Directors of the IMF stressed that an investigation by the World Bank into possible professional misconduct by employees in the case of the "Doing Business" report was "in progress".

Kristalina Georgieva took over as head of the Fund on October 1, 2019, replacing Frenchwoman Christine Lagarde who had been appointed to the European Central Bank.

She was then the only candidate for this post.

According to a division of roles inherited from the creation of the Bretton Woods institutions, the Fund is traditionally led by a European while the World Bank is in the hands of an American, currently David Malpass.

In 2019, however, the IMF authorities had to change the statutes to be able to ratify the appointment of Kristalina Georgieva, who exceeded the age limit, then set at 65.

With AFP

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