World Bank Kills Business Climate Report After Ethics Probe Cites 'Undue Pressure' On Rankings
- The World Bank Group on Thursday said it ended publication of its "Doing Business" report on country investment climates after a probe of data irregularities cited "undue pressure" by top bank officials, including then-Chief Executive Kristalina Georgieva, to boost China's ranking in 2017.
- The decision came after internal audit reports had raised "ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff and a board investigation conducted by the law firm WilmerHale.
- The report indicated that Georgieva, now the managing director of the International Monetary Fund, and a key adviser pressured staff to "make specific changes to China's data points" and boost its ranking at a time when the bank was seeking China's support for a big capital increase.
(Source: Fitch Solutions)