Business Maverick: IMF Chief Risks Undermined Authority After China-Linked Probe

— by an outside law firm engaged by the World Bank — that she had applied pressure on the bank’s staff to boost China’s ranking in an economic report. She informed the IMF board of the allegations on Thursday and will be addressing the fund’s staff Friday, according to people familiar with the matter.

“Financial markets and policy makers rely on the expertise of the multilateral lenders and that reputation is now tarnished,” he said.Justin Sandefur, a senior fellow and World Bank watcher at the Center for Global Development, a think-tank, said the report could end up affecting her relationship with IMF members.

The World Bank-commissioned report, penned by lawyers at WilmerHale, goes out of its way to exonerate China from having done anything wrong. “To be clear our review should not be read to imply that there was any inappropriate conduct on behalf of any Chinese or other government officials,” they wrote.

Economics Nobel Prize winner Paul Romer delivers the keynote address during the Evidence to Action 2018 event in San Francisco, California, U.S., on Thursday, Nov. 1, 2018. Romer warned against the unintended consequences of being too protective of emerging technologies such as artificial intelligence, even as the U.S. tries to contain China’s ambitions to dominate AI and other sensitive sectors.

GOP Representative Andy Barr of Kentucky in a statement late Thursday called the report “alarming” and urged the Treasury to “evaluate” Georgieva’s actions in the run-up to the allocation of that money, known as special drawing rights, in light of the report’s findings.According to the report and one person familiar with the events, Georgieva took charge of what was seen within the bank as an unusual intervention on China’s behalf.

The episode detailed in the report highlighted an inherent tension in leading the Washington-based IMF and World Bank, Romer said. Both are institutions where the leaders have to be shrewd diplomats to both win and keep their jobs — which increasingly means securing the approval of Beijing as well as Washington.Yet those necessary politics can be at odds with their missions to be scrupulously independent keepers of important data and analysis.

IMF The same people that now own half the world via covid relief loans...

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