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IMF chief Georgieva says data-rigging scandal won’t hamper IMF-World Bank cooperation

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WASHINGTON, Oct 13 (Reuters) – International Monetary Fund chief Kristalina Georgieva on Wednesday stated she didn’t count on a data-rigging scandal involving her former employer, the World Bank, to hamper a long time of shut collaboration between the 2 establishments.

Georgieva, who was cleared of wrongdoing within the matter by the IMF’s govt board on Monday, had sharply criticized a report ready by legislation agency WilmerHale for the World Bank’s board, and the choice to make its findings public.

The legislation agency’s investigative report alleged that Georgieva and different senior World Bank officers utilized “undue pressure” on financial institution workers to make adjustments to spice up China’s rating within the financial institution’s 2018 enterprise local weather report.

Georgieva vehemently denied the accusations, and he or she and her lawyer faulted WilmerHale for not telling her she was a topic of the probe.

Some of her backers, together with Nobel Prize-winning economist Joseph Stiglitz known as the report a “hatchet job” by World Bank President David Malpass, and Mark Weisbrot, co-director of the Center for Economic and Policy Research, known as for Congress to analyze Malpass’s actions within the matter.

Malpass has declined remark past saying that the report speaks for itself.

Georgieva, a longtime World Bank official, instructed reporters that collaboration between the financial institution had been “strong for decades” and would stay so.

“I love the bank, and I love the fund,” she stated, including, “This is a twin institutional setup that has delivered for the members. … We have major, major challenges, where our institutions are best at addressing and working together.”

Those included efforts to fight the COVID-19 pandemic, addressing excessive debt ranges amongst growing international locations and joint work on monetary sector assessments.

Georgieva brushed apart questions on whether or not a proposed new IMF Resilience and Sustainability Trust overlapped with the mandate of the World Bank, saying that fund officers have been working carefully with their financial institution counterparts in growing the brand new instrument.

Reporting by Andrea Shalal; Editing by Andrea Ricci

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