Data scandal taints IMF head and World Bank

World Bank Updates

The World Bank should be one of the most trusted institutions. The reliability of data attackability is a top priority, and billions of dollars of investment rely on that information each year. At once, Data rigging scandal involving Crystallinage OrgievaCurrently managing director of the International Monetary Fund, he threatens to undermine both her integrity and the integrity of the Development Bank in connection with her time as CEO of the World Bank. The risk is that the infection also spreads to the IMF. She needs to do more to protect her position.

The scandal pressured Georgieva to flatten China’s position in the annual investment rankings as the World Bank sought more money from the country, which is the third largest shareholder of the development bank. It supports the claim. An independent study by law firm Wilmer Hale found that Georgieva was involved in the rankings when it became clear that China would be in several places in the index. Wilmer Hale’s report claims The subordinate felt pressure to follow the instructions from above to massage the data.

Georgieva states that he fundamentally disagreed with the report’s conclusions and denied asking for changes to the data. However, she did so with four lines of public rebuttal and a brief private address and email to the IMF staff.Employees of both organizations, and companies that depend on Open Ranking, better value. At the very least, she must provide a detailed public account to handle the allegations. Georgieva told the IMF staff that he respected the board’s own review and refrained from commenting further. However, it is not enough to dismiss a serious accusation that undermines the integrity of the bank with her complete denial. Meanwhile, the IMF needs to prevent toxic labor practices from following her fund, as Wilmer Hale’s report claims that Georgieva presided over as CEO of the Development Bank.

In response to the scandal, the World Bank Open Annual index. That’s a good thing. Even before the current fracas, I was worried about the methodology of the report. World Bank Economist Paul Michael, Even resigned in protest of alleged political prejudice.. On the surface, it is a measure of the ease of doing business in a country, which soon became an abbreviation for the country’s ability to attract foreign direct investment, and the country explicitly changed its policies to get better scores. ..

The heavy reliance on rankings makes it clear that some countries, which are also bank shareholders, may try to influence the outcome. The essence of the current scandal is that they may have succeeded.

But if an economist or company rejects the data that underpins the index, it’s very disappointing. A more controversial approach, such as that used in the IMF’s global economic outlook, is far superior. This approach details the country’s progress and retreat, but does not present the data as a league table. Rankings, whether college, big game or country, are always vulnerable to tactics. If the index seems to be the most efficient method, it should be more transparent. The WilmerHale report proposed an independent data audit. Another idea is to publish the raw data immediately so that third parties can process them.

The two years at the IMF in Georgieva were otherwise solid. Especially why she shouldn’t wipe out this scandal under the carpet. The longer you can’t answer a question, the more damage you will do.

Data scandal taints IMF head and World Bank Source link Data scandal taints IMF head and World Bank

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