Chief of IMF denies altering World Bank report to appease China

By – Rhytham Jain

Chief of International monetary fund, Kristalina Georgieva, criticized an independent investigation which says that at her previous job in the World bank she forced or pressurized staff to change a report to avowing angering China.

The World Bank announced on Thursday that it has decided to discontinue or stop its Doing Business Report after the investigation found irregularities in the last two reports of 2018 and 2020. This Doing Business Report ranks countries on their business regulations and economic reforms.

According to the investigation Beijing Complained about its 78th ranking in the list of 2017 and in the just next year it showed many ranks drop in the ease of doing business ranking.

The Washington-based lender’s staff was making the report for the year 2018 while the leaders were engaged in negotiations to increase its lending money, which affected the agreement of China and the US. In the final week of the release of this report at the end of October 2017, the president and CEO of that time, Jim Kim and Georgieva respectively, asked their staff to look into update the methodology in regards to China.

According to the World bank’s summary of this matter, Kim discussed these rankings with the senior Chinese officials who dismayed him by the ranking of the country.

Kristalina Georgieva criticized a world bank senior official for mishandling the banking relationship with China and failed to appreciate the importance of Doing Business Report to the country. This is stated by an investigation that analyzed 80000 documents regarding that and interviewed more than 30 workers.

According to the concerned investigation in the matter of allegations on Georgieva senior world bank official said that Georgieva thanked him for doing his part of dealings.

Giving a statement to the media she replied that she disagrees with all the investigation reports and all its Data. On this matter, I already have an initial briefing or meeting with the executive board of IMF and its core committee. The chief economist of World Bank, Paul Rumer resigned from the post after telling a reporter that the ranking methodology had been changed in a way that impression it weighted the results due to political consideration.

This investigation founds that Kim and his aides applied pressure and forced the staff to change the position/ranking of China in the report. The probe also found that in the year 2020 also similar changes with the report can be seen in the ranking pattern of Saudi Arabia, UAE, and Azerbaijan.