EU countries criticize IMF for restarting operations in Russia – Politico
Several EU countries have allegedly expressed their disapproval of the International Monetary Fund’s choice to resume work trips to Russia. Read Full Article at RT.com.
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The International Monetary Fund (IMF) has disclosed plans to reinitiate its economic review missions in Russia, a practice suspended in light of the Ukraine conflict, Politico reported. According to information sourced from a letter addressed to IMF chief Kristalina Georgieva, several EU countries have expressed disapproval of this decision.
Earlier in September, the IMF laid out its schedule to resume the annual assessments of Russia’s economy, starting with virtual talks on September 16, followed by in-person staff visits.
The move has drawn criticism from countries that support Ukraine, marking the first engagement between the IMF, based in the US, and Russia since the conflict began. Finance ministers from Lithuania, Estonia, Latvia, Sweden, Finland, Denmark, Norway, Iceland, and Poland, through a letter referenced by Politico, argued that proceeding with such plans sends a negative signal internationally.
The letter further suggested that the Kremlin might exploit the IMF visits for propagandistic gains, and highlighted potential "substantial reputational risks" for the IMF in dealing with the sanctioned nation.
IMF spokeswoman Julie Kozack explained at a recent press briefing that these Article IV consultations are a key component of the obligations mutually held by the Fund and its member countries. She pointed out the disruption in consultations with Russia since 2021 was due to the "exceptionally unsettled" economic conditions following the outbreak of conflict in Ukraine in 2022.
“Now that the economic situation is more settled, Article IV Consultations with Russia are resuming... in line with the obligations of both the Fund and the member country,” Kozack stated. She did not comment on any backlash the decision may have triggered.
Russian Finance Minister Anton Siluanov, speaking last month on Russia-24, noted the Russian economy had seen better than expected growth rate of 4.7% in the first half of the year. Despite extensive Western economic sanctions, the Ministry forecasts a growth of 3.9% by the end of the year. Furthermore, both the World Bank and the IMF had previously noted that the Russian economy was outpacing expectations despite the sanctions, with the IMF projecting in April that it would grow faster than all advanced economies in 2024.
Sanya Singh for TROIB News
Earlier in September, the IMF laid out its schedule to resume the annual assessments of Russia’s economy, starting with virtual talks on September 16, followed by in-person staff visits.
The move has drawn criticism from countries that support Ukraine, marking the first engagement between the IMF, based in the US, and Russia since the conflict began. Finance ministers from Lithuania, Estonia, Latvia, Sweden, Finland, Denmark, Norway, Iceland, and Poland, through a letter referenced by Politico, argued that proceeding with such plans sends a negative signal internationally.
The letter further suggested that the Kremlin might exploit the IMF visits for propagandistic gains, and highlighted potential "substantial reputational risks" for the IMF in dealing with the sanctioned nation.
IMF spokeswoman Julie Kozack explained at a recent press briefing that these Article IV consultations are a key component of the obligations mutually held by the Fund and its member countries. She pointed out the disruption in consultations with Russia since 2021 was due to the "exceptionally unsettled" economic conditions following the outbreak of conflict in Ukraine in 2022.
“Now that the economic situation is more settled, Article IV Consultations with Russia are resuming... in line with the obligations of both the Fund and the member country,” Kozack stated. She did not comment on any backlash the decision may have triggered.
Russian Finance Minister Anton Siluanov, speaking last month on Russia-24, noted the Russian economy had seen better than expected growth rate of 4.7% in the first half of the year. Despite extensive Western economic sanctions, the Ministry forecasts a growth of 3.9% by the end of the year. Furthermore, both the World Bank and the IMF had previously noted that the Russian economy was outpacing expectations despite the sanctions, with the IMF projecting in April that it would grow faster than all advanced economies in 2024.
Sanya Singh for TROIB News
