Chilean officials have accused the World Bank of treating the country unfairly for many years.
The Minister of foreign affairs, Heraldo MuÃ±oz, has tweeted false news was in the process of becoming fake statistics”.
He was responding to an interview given by the bank’s chief economist Paul Romer who said indicators for Chile may have been manipulated for political reasons to show a decline in Chile’s terms and conditions of the company.
The World Bank has ordered an investigation.
In an interview with the Chilean newspaper El Mercurio, the chief economist of the World Bank, which had been responsible for the classification, Augusto Lopez-Claros, said changes in the methodology “took place in an open and transparent context,” denying any political bias.
Chile is currently ranked 55th out of 190 countries in the World Bank’s closely watched annual “Doing Business” ranking of the competitiveness of the leaderboards.
He had been 34th in 2014, the year, the socialist President, Michele Bachelet, took office.
“What happened with the World Bank, the competitiveness ranking is very worrying”, said President Bachelet, whose four-year term ends in March.
“The international rankings of the institutions that conduct must be worthy of confidence because they have an impact on investment and the development of a country.”, she said, asking for a formal investigation.
Mr. MuÃ±oz has called on Twitter to the bank “to calculate the loss of foreign investment because of the doubts caused by a decline in competitiveness ranking during the administration of President Bachelet”.
Chile’s presidential election last month, were won by the conservative business tycoon, Sebastian PiÃ±era against Ms. Bachelet’s preferred candidate, Alejandro Guillier, in part on promises to cut red tape and boost investment.
The World Bank’s “Doing Business” rankings weigh such factors as the ease of starting a business, obtaining credit, paying taxes and obtaining construction permits.