Less than a month after an external investigation commissioned by the World Bank found that she had a significant role in manipulating the 2018 Doing Business survey, a decision was reached. The inquiry raised concerns about her judgment and capability to lead the IMF. However, the executive board ultimately determined that there was not enough evidence to prove any wrongdoing on Georgieva's part. The board expressed full confidence in her leadership and ability to fulfill her duties effectively, stating that they believe in her commitment to upholding high 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, including France, who had advocated for her appointment in 2019. The United States, as the fund’s largest shareholder, did not publicly support her after the allegations but did not call for her removal. Treasury Secretary Janet Yellen spoke with Georgieva and acknowledged legitimate concerns raised by the World Bank investigation into her actions. Yellen stated that without further evidence of Georgieva's involvement in data manipulation, there was no reason to change leadership at the fund. However, this decision could have political consequences for the Biden administration, as both Republicans and Democrats in Congress had urged Yellen to demand full accountability from Georgieva for instructing staff to manipulate China's ranking in the annual report on national business climates. Lawmakers from both parties and the Biden administration have expressed worry over China's increasing economic power and influence in global organizations. The Treasury Department officials have been discussing the seriousness of the situation for weeks and have stated that the review process of Georgieva's actions at the World Bank should be allowed to proceed. The World Bank's Doing Business report evaluates the business environment in various countries, with developing nations particularly concerned about their rankings as they use them to attract foreign investment. During the time of the alleged manipulation, World Bank officials were focused on negotiations for a capital increase and were hesitant to upset China, which was ranked 78th on the list of countries in 2017 and was expected to drop in the 2018 report. The investigation revealed that Jim Yong Kim's staff, as well as Georgieva, worked on ways to boost China's ranking at the World Bank without negatively impacting other countries. Georgieva was found to be actively involved in efforts to improve China's ranking and even reprimanded the bank's China director for mishandling the country's relationship with the bank. Recently, the IMF's executive board interviewed officials from the law firm WilmerHale, who conducted the investigation, as well as Georgieva herself, who defended her actions and criticized the investigation process. Georgieva stated to the board, as reported by The New York Times, that the WilmerHale Report did not accurately represent her actions regarding Doing Business 2018, nor did it accurately depict her character or her conduct throughout her lengthy professional career. Georgieva, a former World Bank employee who eventually became its chief executive, also had experience with the European Commission and holds a Ph.D. in economics. She expressed gratitude for the IMF board's confidence in her leadership, stating that she was pleased the allegations were found to be unfounded after a thorough review of the facts. "Trust and honesty are the fundamental principles of the global companies where I have dedicatedly worked for over forty years." © 2021 The New York Times Company.