IMF Chief Faces Even Tougher Challenges After Saving Her Job
“Kristalina Georgieva held on to her job as head of the International Monetary Fund. Now she faces the potentially bigger challenge of saving the institution’s credibility. Late Monday, the IMF board affirmed its “full confidence” in Georgieva after deliberating over a law firm’s audit accusing her of pressuring subordinates at the World Bank to adjust a report in China’s favor in 2017. Minutes later, the U.S. Treasury took a sharply different tone: While the allegations didn’t warrant Georgieva’s removal, the law firm’s report “raised legitimate issues and concerns,” and the U.S. urged steps to “reinforce data integrity and credibility at the IMF.”
U.K. Rushes to Twin Stimulus Exit Just as Recovery Loses Steam
“The guardians of the British economy are working to start reducing the supply of stimulus long before the fallout from the coronavirus crisis comes to an end. After winning widespread praise for a quick, bold and coordinated response to the pandemic last year, the U.K. Treasury and the Bank of England now are preparing to be among the first among industrial nations to whip away that support.”
Japan’s New Leader Vows Money to Make Chips at Home
“New Japanese Prime Minister Fumio Kishida is putting money into reviving chip-making at home. The ongoing chip shortage and supply chain disruptions have forced production cuts by Japan’s major automakers including Toyota and Honda this year, underscoring the need to reduce the nation’s dependence on others to make advanced semiconductors.”
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