IMF board backs allowing Georgieva to stay as head

The International Monetary Fund expressed “full confidence” in its managing director Tuesday in response to allegations that World Bank staff were pressured to change business rankings for China in an effort to placate Beijing.

The IMF’s 24-member executive board said in a statement that its review “did not conclusively demonstrate that the managing director, Kristalina Georgieva, played an improper role” in the situation in her former role as a top official of the World Bank.

It said the probe into possible misconduct by World Bank staff was continuing and the United States, the IMF's largest shareholder, said it planned to closely monitor the further investigation into the issue.

Georgieva has denied any wrongdoing in response to a report alleging she played a role in pressuring staff to amend data affecting the business climate rankings of China and other nations.

Georgieva is only the second woman to head the IMF, taking over two years ago from Christine Lagarde, who left the IMF to become head of the European Central Bank.

IMAGE: AP