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US Treasury’s Yellen declines to take IMF chief’s calls over alleged manipulation of China’s business-climate rating
- Since the scandal broke earlier this month, International Monetary Fund chief Kristalina Georgieva has called Janet Yellen but failed to get through
- A report commissioned by the World Bank alleged that Georgieva pressured bank staff while working there to boost China’s business-climate rating
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US Treasury Secretary Janet Yellen has declined to return calls from the beleaguered head of the International Monetary Fund (IMF), Kristalina Georgieva, since a scandal broke, indicating that the Biden administration’s withholding of support for her goes beyond its public statements.
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Since Georgieva was accused earlier this month of improperly intervening in a World Bank report in her prior job there, she has made attempts to speak with Yellen but has failed to get through, people familiar with the matter said, speaking on the condition of anonymity.
The report from law firm WilmerHale, commissioned by the World Bank, alleged that Georgieva – who took the helm of the IMF in 2019 – pressured bank staff to boost China’s business-climate rating.
Georgieva previously had easy access to Yellen, the people said, given the close nature of multilateral engagement between the IMF and the US Treasury. The pair spoke regularly earlier this year, Yellen’s calendars indicate, as the US and IMF worked on initiatives including the fund’s planned US$650 billion global reserves injection.
The credibility of the IMF is clearly being damaged
The US is the largest shareholder in both the IMF and World Bank, and the Treasury Department manages those relationships.
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