International Monetary Fund managing Director Kristalina Georgieva was criticized on Thursday for applying pressure when she was at the World Bank to improve China’s position ranking of economies.
- Georgieva stated she disagreed with the findings. The World Bank, in an investigation of its “Doing Business” report, determined that such serious ethics issues led to the abandonment of the series entirely.
- China’s position in the 2018 report, should have been seven positions lower at No. 85 rather than maintaining its position at 78—The World Bank revealed in a review reported in December.
- The bank indicated Georgieva, along with an adviser, applied for “pressure” to “make specific changes to China’s points to increase its ranking at precisely the same time the country was expected to play a key role in the bank’s capital increase campaign.”
In a statement, Georgieva disagreed fundamentally with the findings and interpretations of the Investigation of Data Irregularities as it relates to his role in the World Bank’s Doing Business report of 2018.
CSI 300 Index down -1.22%Source: Bloomberg.