India

IMF chief’s explanation for allegations of raising China’s rating to avoid resentment; Said

The head of the International Monetary Fund (IMF), Kristalina Georgieva, is embroiled in a controversy over alleged abuses in a World Bank report. Georgia has been accused of altering the World Bank’s Doing Business report to please China. While Kristalina Georgieva is at the World Bank, she is accused of pressuring staff to change the report. Georgia, meanwhile, has denied the allegations. Meanwhile, the World Bank has decided to close this ‘Doing Business Report’ immediately after finding irregularities in its investigation of the 2018 to 2020 editions.

The World Bank’s key report ranks countries on the basis of trade rules and economic reforms. By showing this report, the government asks investors to invest here. But China was unhappy with his position in the report. An investigative report by law firm Wilmerhall found that Beijing had complained about its 78th ranking in 2017 and would drop it further next year.

In October 2017, in the very last week of the report, then-World Bank President Jim Kim and Georgieva (then the bank’s chief executive officer) asked their staff to change China’s score. So that China’s score can be shown better. Kim had discussed the rankings with senior Chinese officials, who were not happy with the rankings. How will the ranking improve at that time? He had raised such a question.

Asked for help from China for capital

At the time, the World Bank had sought help from China for capital. In return, the report discusses the attempt to give him this benefit. In the ‘Doing Business 1018’ report, China jumped 7 places. The improvement in their rankings comes after a change in data methodology, which is alleged to be completely different from the initial draft report. Jim Kim has not yet commented on the report.

Denied alteration in data analysis

A statement from the IMF chief denied any wrongdoing. The World Bank report is related to its role in 2018 and could tarnish its image, he said. This time, he also cited US claims that China had been helped by a multilateral organization.

Related Articles

Leave a Reply

Your email address will not be published.