The IMF’s executive board has opted to retain Kristalina Georgieva as the institution’s managing director and said it had “full confidence” in her ability to carry out her responsibilities, despite allegations she pressured World Bank staff when she was its chief executive to manipulate data to China’s benefit.
The announcement followed marathon meetings of the IMF board, which struggled over several days to reach an agreement on Georgieva’s fate as sharp divisions emerged among its 24 directors.
France, Germany, Italy and the UK had aligned alongside China and Russia to advocate on her behalf, while two of the fund’s largest shareholders, the US and Japan, were more resistant and called for a robust review. But a consensus for Georgieva to serve out her term emerged on Monday after further deliberations.