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HomeNewsBusinessDue to Russian opposition, the IMF steering committee forgoes a communiqué

Due to Russian opposition, the IMF steering committee forgoes a communiqué

The International Monetary Fund’s steering committee failed to issue a formal communiqué on Thursday because Russia refused to agree to strong language condemning the war in Ukraine, the chair of the panel said this year. “Unfortunately, we were unable to unanimously adopt the communiqué due to the withdrawal of member states,” said Spanish Finance Minister Nadia Calvino at a press conference. Two sources told Reuters ahead of Calvino’s comments that Russia’s opposition would prevent reaching full consensus in a formal communiqué containing strong condemnation of the war that began with the February invasion of Ukraine.

Russia’s aggression in Ukraine and its huge impact on the global economy have dominated this year’s spring meetings of banks and funds, as well as high-level peripheral meetings. The meeting “didn’t go as usual,” said Calvino, a semi-annual gathering of world financial leaders at which key Western business figures went on strike from a meeting attended by Russian officials. U.S., British and Canadian officials left the meeting again on Thursday when Russian representatives spoke.

Instead, the IMFC issued a “Chairman’s Statement”. “The chairman’s statement reflects the overwhelming majority of views on all elements in this dark time when multilateralism is more important than ever,” Calvino said. The 24-member International Monetary and Financial Committee attends the spring and fall meetings of the IMF and the World Bank twice a year and advises the IMF Executive Board. Although he has no formal decision-making authority, the IMFC’s regular communiqués provide him with the strategic direction of the IMF’s activities.

The IMF on Tuesday cut its global economic growth forecast by almost 1 percent, citing Russia’s war in Ukraine as fueling inflation and becoming a “clear and present danger” for many countries. More than 5 million Ukrainians have fled abroad since Russia’s invasion on February 24. The United States has accused Russia of committing war crimes, which Russia calls a “special military operation.” there is Russia denies the charges. Indonesia’s Finance Minister Sri Mulyani Indrawati, who chaired the G20 finance meeting, said many members condemned Moscow’s war in Ukraine, but the G20 also failed to issue a communiqué.

He will isolate himself in the United States on Thursday rather than return to Berlin as planned.

The G20 and the IMFC include Russia, the Western powers that have accused Moscow of war crimes in Ukraine, China, India, and others not participating in the Western-led sanctions against Russia over the conflict. Adding to the drama unfolding in Washington, German Finance Minister Christian Lindner announced late Wednesday that after attending a series of bilateral meetings and the G20 and G7 financial meetings earlier in the day, It showed 19 positive reactions. Lindner announced the news on Twitter, saying his symptoms were mild as he had received three doses of the vaccine.

News Summary:

  • Due to Russian opposition, the IMF steering committee forgoes a communiqué
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