IMF countries step up calls to end war in Ukraine, Russia blocks statement

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WASHINGTON, Oct 14 (Reuters) – Member countries of the International Monetary Fund on Friday issued a near-unanimous call for Russia to end its war in Ukraine, the chairman of the IMF’s governing board said, calling the dispute main factor fueling inflation and slowing global growth. economy.

But Nadia Calvino, Spain’s economy minister, told a news conference that Russia had again blocked consensus on issuing a joint statement at a meeting of the International Monetary and Financial Committee.

Calvino said the call for an end to the war was louder than at IMF and World Bank meetings in April, as the conflict causes food and energy insecurity, rising prices and risks to stability financial.

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“It’s very clear, just on a human level, on a practical level, on an objective level — Stop the war. Stop the war,” IMF Managing Director Kristalina Georgieva said. “It’s the easiest way to get the world economy back in better shape. Stop the war.”

Georgieva’s sentiments were echoed by US Treasury Secretary Janet Yellen, who told a separate press conference that when thinking about economic responses, “obviously what’s most important is, and everyone agrees that Russia should stop its war against Ukraine”.

Russia’s opposition to such calls forced the IMF’s governing board to issue a statement from the president, Calvino said, adding that it reflected strong agreement on many economic issues.

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

“We will ensure consistency in overall monetary and fiscal stance, with due regard to the complementary role of structural policies in easing trade-offs,” the statement said, echoing IMF advice to Britain and others. countries to prevent monetary and fiscal policies from working against each other.

On currencies, the statement acknowledges the pressures created by the strength of the US dollar.

“Recognizing that many currencies have moved significantly this year with increased volatility, we reaffirm our exchange rate commitments, as made in April 2021,” the IMFC statement read.

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Reporting by David Lawder and Andrea Shalal; edited by Jonathan Oatis and Chris Reese

Our standards: The Thomson Reuters Trust Principles.

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