Category: Kristalina Georgieva

IMF Chief Says ‘Cannot Rule Out’ Possible Global Recession

The head of the International Monetary Fund (IMF) on Wednesday said the outlook for the global economy had “darkened significantly” since April and she could not rule out a possible global recession next year given the elevated risks. IMF Managing Director Kristalina Georgieva told Reuters the fund would downgrade in coming weeks its 2022 forecast…


Global Economy Facing ‘Biggest Test Since Second World War’: IMF Chiefs

The global economy faces “the biggest test since the Second World War” said International Monetary Fund (IMF) chiefs in a post Sunday, as world leaders convene May 23–26 in Davos, Switzerland, for the World Economic Forum (WEF) Annual Meeting 2022. Russia’s invasion of Ukraine has exacerbated the COVID-19 crisis, destroying lives and economic growth while…


IMF’s Georgieva Says Ukraine War Hits Growth, Threatens to Fragment Global Economy

WASHINGTON—The war in Ukraine is prompting the International Monetary Fund to cut global growth estimates for both 2022 and 2023 as higher food and energy prices pressure fragile economies, the IMF’s managing director, Kristalina Georgieva, said on Thursday. Georgieva said in a “curtain raiser” speech for next week’s IMF and World Bank spring meetings that…


Omicron Variant Likely to Usher Growth Downgrades: IMF’s Georgieva

WASHINGTON—Global economic growth projections from the International Monetary Fund will likely be downgraded due to the emergence of the Omicron variant of the coronavirus, IMF Managing Director Kristalina Georgieva said on Friday. “A new variant that may spread very rapidly can dent confidence, and in that sense, we are likely to see some downgrades of…


US Treasury Will Hold IMF Chief Accountable for Integrity Changes: Official

WASHINGTON—The second-ranking U.S. Treasury official told senators on Tuesday that the agency would hold International Monetary Fund Managing Director Kristalina Georgieva accountable for changes needed to safeguard IMF integrity in the wake of a World Bank data-rigging scandal. “We did not find that it was appropriate at this point to remove the (IMF) managing director,”…


G20 Backs IMF Chief’s New Trust to Reach Broader Range of Countries in Need

WASHINGTON—IMF chief Kristalina Georgieva on Wednesday won the endorsement of the Group of 20 major economies for a new trust that will allow rich IMF members to donate their share of newly created emergency reserves to a broader range of countries in need. G20 finance officials backed the new Resilience and Sustainability Trust (RST) in…


IMF Chief Expects Members to Reach $100 Billion Target for Shifting Reserves to Vulnerable Countries

WASHINGTON—International Monetary Fund Managing Director Kristalina Georgieva on Wednesday said she expects advanced economies to reach their target of shifting $100 billion of $650 billion in newly created emergency reserves to countries in need. Georgieva told reporters she was encouraged by the IMF executive board’s consideration of a new Resilience and Sustainability Trust (RST) that would…


Yellen Tells IMF’s Georgieva Data-Rigging Probe Raised ‘Legitimate’ Concerns: Treasury

WASHINGTON—U.S. Treasury Secretary Janet Yellen told International Monetary Fund Managing Director Kristalina Georgieva on Monday that a law firm’s report into World Bank data-rigging allegations against the IMF chief “raised legitimate issues and concerns” but a lack of direct evidence meant a leadership change was unwarranted. Yellen said in the statement that “proactive steps must…


IMF Board Had ‘Full Confidence’ in Georgieva After Investigation Into China Data-Rigging Claims

The International Monetary Fund’s (IMF) executive board on Oct. 11 said it has “full confidence” in Managing Director Kristalina Georgieva following an investigation into allegations that she applied “undue pressure” on staff to boost China’s standing in the bank’s “Doing Business 2018” report. A report (pdf), prepared by outside law firm WilmerHale at the request of the World Bank’s…


Georgieva’s Future at Helm of IMF Still Unclear After Marathon Board Meeting

WASHINGTON—The International Monetary Fund’s executive board ended a five-hour meeting about the future of Managing Director Kristalina Georgieva without a decision on Friday, saying it would seek more information about claims she pressured World Bank staff to alter data to benefit China in her previous role. The IMF said the board had made “significant progress”…