IMF Head Vows Renewed Efforts to Protect Data Integrity

IMF Head Vows Renewed Efforts to Protect Data Integrity

Georgieva said that the episode had taught her of the critical need to make sure that staff working for her feel the ability to raise concerns. She said she planned to meet with IMF staff on Monday to discuss the incident and to explore ways to enhance to bolster the reliability of the economic reports produced by the IMF.
“I first want to remind everybody that the problem was with one specific, rather controversial report at the World Bank, not with the research and data at the IMF,” she said.
She said the IMF board recognised the “the excellence of the IMF and IMF research” and the strong monitoring system at the agency to ensure the integrity of IMF data.
The controversy involved a “Doing Business” report that had been produced annually by the Wrold Bank that ranked the business climate of major countries.
There were allegations that Georgieva and other top World Bank officials had pressured staff preparing the report to boost the ranking of China to place the world’s second largest economy at a time when the World Bank was lobbying China to boost its financial support for World Bank programs.
After the report from a private law firm came out, the World Bank announced it was discontinuing the Doing Business annual rankings.
But the whole incident the incident fuelled complaints by critics including members of Congress that China had too much influence with institutions such as the IMF and World Bank.
Georgieva said she was thankful to be able to present her side of the case to the IMF board over the past we.
“When we presented finally two sides of the story next to each other, there was no there there,” she told reporters Wednesday.

The embattled head of the International Monetary Fund, who effectively battled to keep her work following a data-manipulation scandal, on Wednesday vowed reestablished endeavors to reinforce data respectability while focusing on the main job of assisting nations recover from a staggering worldwide pandemic. IMF Managing Director Kristalina Georgieva said she is happy the IMF’s 24-member executive board communicated trust in her capacity to head up the 190-country agency. The board looked into accusations that Georgieva, while at the World Bank, had constrained staff to boost the rankings of China and different nations in 2018 in a powerful business environment report “The board concluded that it has full confidence in my ability to lead the Fund and it feels great to concentrate on the work at hand,” Georgieva told reporters at a news conference to review the agenda for the yearly meetings of the IMF and World Bank this week in Washington.

“That is not to say that I don’t take the broader message to make sure that staff can always reach out to superiors … to signal discontent and disagreement,” she said.
The IMF board announced late Monday night that it was allowing Georgieva to keep her job, an announcement that came after she had a conversation earlier in the day with US Treasury Secretary Janet Yellen.
In a statement describing that talk, Treasury said that the United States, the largest shareholder at both the IMF and World Bank, saw a need to take proactive steps to “reinforce data integrity and credibility at the IMF” and to ensure that whistleblowers are protected.
The finance meetings this week will address efforts to boost resources of the IMF and World Bank to battle the pandemic in poorer countries.
In its latest World Economic Outlook released Tuesday the IMF slightly downgraded its forecast for global growth this year to 5.9 per cent, compared to 6 per cent in July, blaming the weakness on the surge of COVID cases this summer and increased disruptions of global supply chains.
At a separate news conference Wednesday, World Bank President David Malpass said the world was suffering from a “dramatically uneven recovery” that had already pushed more than 100 million people into extreme poverty.
Georgieva, a Bulgarian economist, is the second woman to head the IMF. She succeeded Christine Lagarde in 2019 after Lagarde left to become head of the European Central Bank.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
‘A Dangerous Times’: Portland, Oregon Sees a Murder Record
‘A Dangerous Times’: Portland, Oregon Sees a Murder Record
Fear and frustration with gang violence have settled over the metropolis, as stories like Vasquez’s make some wary to go out at night. Unlike previous years, ...
TechRadar’s Best Backpack 2021
TechRadar’s Best Backpack 2021
From tear-resistant travel backpacks to the perfect weather resistant commuter backpack and everything in between, there are a lot of available options ...
3 Realistic Paths to a $1,000,000 Retirement |  personal finances
3 Realistic Paths to a $1,000,000 Retirement | personal finances
Next, be sure you’re investing effectively. Saving a lot but only parking those long-term dollars in a certificate of deposit (CD) that pays just 1.25% ...
WSBT-TV broadcasts and phones are down due to a cyberattack at Sinclair Broadcasting
WSBT-TV broadcasts and phones are down due to a cyberattack at Sinclair Broadcasting
Sinclair also said “data also was taken from the company’s network,” and that it’s working to determine what information the data contained.” WSBT-TV News ...
In new colours, Apple HomePod mini coming
In new colours, Apple HomePod mini coming
Here are the new features coming to HomePod mini: Apple today introduced: HomePod mini in three new colours — yellow, orange, and blue. While the basic ...
According to reports, a new Splinter Cell game is in the works
According to reports, a new Splinter Cell game is in the works
It’s been more than eight years since the launch of the last mainline Splinter Cell game on major platforms, Splinter Cell: Blacklist. Fans who have been ...
Lee Health reports 48 patients with COVID-19 on Tuesday, no deaths on Monday
Lee Health reports 48 patients with COVID-19 on Tuesday, no deaths on Monday
RESOURCES: Lee Health offers COVID-19 vaccines for anyone 12 and older at its Community Vaccination Clinic, located inside Gulf Coast Medical Center. It’s ...
GameStop Confirms Pokemon Sword and Shield Shiny Distribution Event
GameStop Confirms Pokemon Sword and Shield Shiny Distribution Event
Zacian and Zamazenta debuted in Pokemon Sword and Shield, but players can only catch the legendary Pokemon that corresponds with the cover art for their ...
Cassette Beasts is a stylish Pokemon-like game that will be available on Xbox Game Pass when it launches
Cassette Beasts is a stylish Pokemon-like game that will be available on Xbox Game Pass when it launches
Cassette Beasts is a game developed by Brighton-based indie firm Bytten Studio in which players gather wild, elemental beasts using old tape cassettes. ...
Xbox Game Pass October 2021 game list updates
Xbox Game Pass October 2021 game list updates
Most of these games can be played on any of the three platforms of Xbox Game Pass. Into the pit, Echo generation, Bassmasters Fishing 2022, Farm Cannon: ...
Show next
Compsmag - Latest News from tech, business and health
Logo