IMF countries strengthen calls to end Ukraine war, Russia bans statement

WASHINGTON (Reuters) – The International Monetary Fund’s member states on Friday made a near-unanimous call for Russia to end its war in Ukraine, the head of the International Monetary Fund’s steering committee said on Friday, calling the conflict the single biggest factor fueling inflation and slowing global growth. Economie.

But Nadia Calvino, the Spanish Economy Minister, said at a press conference that Russia had again blocked the consensus on issuing a joint statement during the meeting of the International Monetary and Financial Committee.

Calvino said the call to end the war was stronger than at the International Monetary Fund and World Bank meetings in April as the conflict caused food and energy insecurity, soaring prices and risks to financial stability.

“It is very clear on the humanitarian level, the practical level, the substantive level – stop the war. Stop the war,” said IMF Managing Director Kristalina Georgieva. “This is the most direct way to make the global economy better. Stop the war.”

Echoing Georgieva’s sentiments, US Treasury Secretary Janet Yellen said at a separate news conference that when considering economic responses, “it’s clear what’s most important, and everyone agrees that Russia should stop its war on Ukraine.”

Calvino said Russia’s opposition to such calls forced the International Monetary Fund’s steering committee to issue a statement to the president, adding that it reflected strong agreement on many economic issues.

The statement He called on central banks to strive for price stability, while fiscal policy should prioritize protecting vulnerable groups from the rising cost of living.

“We will ensure coherence of fiscal and monetary positions, with due regard to the complementary role of structural policies in facilitating trade-offs,” the statement said, echoing the International Monetary Fund’s advice to Britain and other countries to avoid monetary and fiscal policies that work against each other.

In terms of currencies, the statement acknowledged the pressures brought on by a strong US dollar.

“Recognizing that many currencies have moved significantly this year with increased volatility, we are reaffirming our commitments on exchange rates, as made in April 2021,” the IMF statement said.

(Reporting by David Lauder and Andrea Shalal). Editing by Jonathan Otis and Chris Reese

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