IMF chief’s fate hangs in balance but Europe is backing her despite China scandal

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The International Monetary Fund has said it will decide "very soon" whether its beleaguered managing director Kristalina Georgieva will continue in her position.</p>
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Georgieva, 68, is accused of manipulating data in China’s favour in the 2018 edition of the World Bank’s widely followed Doing Business annual report while she was the bank’s chief executive, a position she left for the IMF’s top job in October 2019. </p>
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The IMF Executive Board said after a meeting on Friday that it has made "significant progress" in its assessment of the case but said it would  “request more clarifying details with a view to very soon concluding its consideration of the matter."</p>
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A statement issued by an IMF spokesperson said the board had advanced its “thorough, objective and timely review” of the situation, but had not yet concluded their investigation.</p>
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<strong>Also read:</strong>  <a href="https://www.indianarrative.com/world-news/imf-chief-caught-in-controversy-for-helping-china-to-get-higher-rank-in-world-bank-list-115326.html">IMF chief caught in controversy for helping China to get higher rank in World Bank list</a></p>
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The inconclusive result of the IMF board meeting comes just hours after Germany, the UK and Italy indicated they would join France in backing the embattled IMF head, according to a report in the Financial Times which cited officials briefed on the discussions.</p>
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However, the US, the fund’s biggest shareholder, has yet to disclose its position.</p>
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European leaders play a dominant role in the selection process for the IMF’s chief, which one former senior staffer at the fund said may largely explain their support for Georgieva despite the controversy.</p>
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The IMF and the World Bank begin their crucial fall meetings on Monday. Many people warn the unresolved situation risks overshadowing the flagship events, at which Georgieva is set to preside over several keynote sessions.</p>
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“I have answered all questions that have been put to me and I remain at the board’s disposal as it moves forward to concluding its discussions as soon as possible so that we can all focus on the important decisions our members care about at our annual meeting,” Georgieva said in a statement on Friday after the meeting concluded.</p>