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US treasury will hold IMF chief

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Saturday, June 10, 2023
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US treasury will hold IMF chief

US treasury will hold IMF chief

The second-ranking U.S. Treasury official told senators 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. Deputy U.S. Treasury Secretary Wally Adeyemo told a U.S. Senate Banking Committee hearing that they did not find that it was appropriate at this point to remove the (IMF) managing director.

Adeyemo said that they did make very clear during those meetings, and directly to the managing director that changes need to be made to ensure whistleblowers’ rights are protected. And also, that the integrity of the institutions is protected, which is their overarching goal. Adeyemo’s comments underscored the Biden administration’s continued pressure on Georgieva.  Also added that they will be holding her and the other leaders of the international financial institutions accountable for making these changes.

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A probe of “Doing Business” data irregularities, by law firm WilmerHale, is continuing. And the firm is expected to issue a second report on potential misconduct by World Bank staff. Adeyemo’s boss, U.S. Treasury Secretary Janet Yellen, during IMF and World Bank annual meetings, called for strong action by the two institutions. This is for protecting the data integrity and prevent misconduct in the wake of the scandal. Georgieva said that the IMF has robust controls and a strong internal protections for whistleblowers.

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Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

US markets’ slump deepens to a half-year peak; its consequences

US markets’ slump deepens to a half-year peak; its consequences

Dollar edges up as jolt from Fed minutes wanes

Dollar unflinchingly holds position amid uncharted numbers

Deutsche Bank snapped by Credit Suisse

Timeline until: Credit Suisse stumbled and UBS went to its aid

Relentless debt: US loans are dragging; root cause multiplies

Relentless debt: US loans are dragging; root cause multiplies

UK to slash bond issuance

Banks toss bets for high-jeopardy bonds

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • BoC sets rates to two-decade peak with room for more
  • US markets’ slump deepens to a half-year peak; its consequences
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  • Timeline until: Credit Suisse stumbled and UBS went to its aid
  • Relentless debt: US loans are dragging; root cause multiplies

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