WASHINGTON—The International Monetary Fund’s (IMF) executive board met on Monday with officials from the WilmerHale law firm about its probe of the World Bank’s “Doing Business 2018” report, and will meet soon with IMF chief Kristalina Georgieva, a spokesperson said. The WilmerHale report alleged that Georgieva, as the World Bank’s CEO in 2017, applied undue…
IMF Says Board Met With WilmerHale Lawyers on World Bank Data Probe
October 5, 2021
admin
Business & EconomyChinaChina Business & EconomyEconomiesIMFInternationalInternational RelationsWorldWorld Bank
0 Comment
Analysis: World Bank, IMF Face Long-Term Damage After Data Rigging Scandal
October 5, 2021
admin
Asia & PacificBusiness & EconomyChinaData Rigging ScandalGeorgievaIMFInternationalInternational RelationsWorldWorld Bank
0 Comment
WASHINGTON—Regardless of whether International Monetary Fund (IMF) chief Kristalina Georgieva was to blame for changes to World Bank data in 2017 that benefited China, the scandal has dented the research reputations of both institutions, former staff, government officials and outside experts say. The damage from the data-rigging scandal that forced the World Bank to discontinue…
Poor Country Debt Could Worsen Due to Commodity Prices, Interest Rates: Malpass
September 30, 2021
admin
AfricaBusiness & EconomycommoditycountryDavid MalpassdebtDistrict of ColumbiaEconomiesInternationalLocal NewspoorpricesRegional-Local NewsUSWorldWorld Bank
0 Comment
CAIRO—The debt situation for poor countries could worsen due to volatile commodity prices and higher interest rates, World Bank President David Malpass said on Thursday, urging countries to begin a gradual fiscal consolidation to maintain investor confidence. As of mid-2021, over half of the world’s poorest countries “are in external debt distress, or at risk…
Delta Variant Casts Shadow Over East Asia and Pacific Economies in Long Term: World Bank
The World Bank said on Monday that the COVID-19 Delta variant is holding back the recovery in East Asia and Pacific (EAP) countries, which would give rise to economic recession and inequality in the long term. Testing, tracking, and isolation among the public have been less effective against the more infectious Delta variant, partly driving…
Bipartisan Senators Call on Biden to Seek ‘Full Accountability’ in World Bank Data Controversy
A bipartisan pair of top senators on Monday called on President Joe Biden to “ensure full accountability” after an investigation found that World Bank officials, including then-Chief Executive Kristalina Georgieva who is now the managing director of the International Monetary Fund (IMF), applied “undue pressure” on staff to boost China’s standing in a report. The report (pdf)…
Bad for Business: World Bank China Rigging Scandal Rattles Investors
LONDON—Some investors and campaigners expressed dismay on Friday at revelations that World Bank leaders pressured staff to boost China’s score in an influential report that ranks countries on how easy it is to do business there. They also said the World Bank’s subsequent discontinuation of the “Doing Business” series of annual reports could make it…
World Bank Leaders, Including Now-IMF Chief, Pressured Staff to Boost China’s Ranking in Report, Investigation Finds
September 16, 2021
admin
Business & EconomyChinaChina Business & EconomyChinese RegimeEconomiesIMFInternational RelationsWorld Bank
0 Comment
World Bank leaders, including then-Chief Executive Kristalina Georgieva who is now the managing director of the International Monetary Fund (IMF), applied “undue pressure” on staff to boost China’s standing in the bank’s “Doing Business 2018,” according to an investigation related on Sept. 16. The report (pdf), prepared by outside law firm WilmerHale at the request of…
US Cuts Funding for Fossil Fuel Projects in Developing Countries
August 24, 2021
admin
Archiveddeveloping countrieseconomyExecutive Branchfossil fuelNewsPoliticsthe Treasury DepartmentUSWorld Bank
0 Comment
News Analysis WASHINGTON—Tackling climate change is “no longer business as usual” and requires significant defunding of the fossil fuel industry, according to the U.S. Treasury Department. To that end, the United States and other Group of Seven (G-7) countries have agreed to cut funding for fossil fuel energy projects both domestically and in developing countries….
GOP Senators Unveil Bill to End Lending to Chinese Regime From Multilateral Development Banks
August 5, 2021
admin
Business & EconomyChinacongresseconomyFinance & Business TieslendingPoliticsRepublicansSpecial TopicsUSUS NewsUS-China relationsWorld Bank
0 Comment
Eighteen Republican senators introduced legislation on Wednesday to end lending to China from multilateral development banks, including the World Bank and the Asian Development Bank. The new bill (pdf), S. 2587, would establish that it is U.S. policy to oppose any additional loan, extension, or technical assistance from multilateral development banks to China. Multilateral banks were created to…
World Bank Says Will Boost Financing for COVID-19 Vaccines to $20 Billion
WASHINGTON—The World Bank will boost its total financing for COVID-19 vaccine purchases and deployment to $20 billion from its previous target of $12 billion, World Bank President David Malpass said on Wednesday. The global development bank has seen a sharp increase in overall financing demand from developing countries—not just health related expenditure—during the pandemic, the…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`