Less than a month after an independent inquiry commissioned by the World Bank concluded that she had a significant role in interfering with its 2018 Doing Business survey, a decision was made regarding her leadership at the IMF. The findings of the inquiry led to questions about her judgment and ability to continue in her position. However, the IMF's executive board ultimately decided that there was not enough evidence to definitively prove that she had acted improperly. In a statement, the executive board expressed its full confidence in her leadership and ability to effectively carry out her duties, emphasizing her commitment to upholding the highest standards of governance and integrity at the IMF. Despite the controversy, Georgieva, a Bulgarian economist, continued to receive strong support from many of the IMF's shareholders, particularly from France, which had advocated for her appointment in 2019. The United States, as the largest shareholder of the fund, did not publicly support Kristalina Georgieva following the allegations against her. However, the Treasury Secretary, Janet Yellen, spoke with Georgieva and acknowledged that the World Bank investigation raised valid concerns. Yellen stated that without further evidence of Georgieva's involvement in data manipulation, there was no reason to remove her from leadership. This decision could have political consequences for the Biden administration, as both Republicans and Democrats in Congress had called for full accountability in the matter. The Biden administration and lawmakers from both parties have expressed concerns about China's increasing economic power and influence in international organizations. Officials at the Treasury Department have been discussing the seriousness of the situation regarding Georgieva's actions at the World Bank for several weeks, stating publicly that the review process should be allowed to continue. The World Bank's Doing Business report evaluates the business environment in various countries, with developing nations being particularly interested in their rankings to attract foreign investment. During the alleged manipulation of data, World Bank officials were worried about negotiations with members regarding a capital increase and were under pressure to avoid upsetting China, which was ranked 78th in 2017 and was expected to drop in the 2018 report. An investigation revealed that Jim Yong Kim's staff, along with Georgieva, worked to enhance China's ranking without impacting other countries. Georgieva was directly involved in these efforts and even reprimanded the bank's China director for mishandling the relationship with the country. The IMF's executive board recently interviewed officials from WilmerHale, the law firm that conducted the investigation, as well as Georgieva, who defended her actions and criticized the investigation process. In a statement to the board obtained by The New York Times, Georgieva expressed that the WilmerHale Report inaccurately describes her actions regarding Doing Business 2018 and does not accurately reflect her character or her conduct throughout her lengthy professional career. Georgieva, who had a long tenure at the World Bank before becoming its chief executive, also served on the European Commission and holds a Ph.D. in economics from the University of National and World Economy in Sofia, Bulgaria. Georgieva stated on Monday night that the situation had been personally challenging for her and she was thankful for the IMF board's confidence in her leadership. She expressed her satisfaction that, following a thorough and unbiased review of the facts, the IMF board determined the allegations against her to be baseless. "Trust and integrity have been the foundation of the multinational companies that I have dedicatedly worked for for over forty years." - © 2021 The New York Times Company.