WASHINGTON, Oct 14 (Portal) – Member countries of the International Monetary Fund on Friday almost unanimously called on Russia to end its war in Ukraine, the chairman of the IMF’s steering committee said, calling the conflict the single biggest factor fueling inflation and the world is slowing economy.
But Nadia Calvino, Spain’s economy minister, told a news conference that Russia again blocked a consensus on issuing a joint communiqué during a session of the International Monetary and Financial Committee.
Calvino said calls for an end to the war were louder than at the April IMF and World Bank meetings as the conflict is causing food and energy insecurity, rising prices and risks to financial stability.
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“It is very clear, just on a human level, practical level, objective level – stop the war. Stop the war,” said IMF Executive Director Kristalina Georgieva. “This is the easiest way to get the world economy in better shape. Stop the war.”
Georgieva’s views were shared by US Treasury Secretary Janet Yellen, who said at a separate news conference that when considering economic responses, “it’s obvious what’s most important and everyone agrees that Russia should end its war on Ukraine.” .
Russia’s opposition to such calls forced the IMF’s steering committee to issue a chairman’s statement, Calvino said, adding that it reflected strong consensus on many economic issues.
The statement urged central banks to strive for price stability, while fiscal policy should prioritize protecting vulnerable groups from higher living costs.
“We will ensure the coherence of the overall monetary and fiscal policy stance, with due regard to the complementary role of structural policies in easing compromises,” the statement said, echoing the IMF’s advice to the UK and other countries to avoid that monetary and financial policy, on the other hand, work mutually.
On currencies, the statement acknowledged the pressure caused by the strong US dollar.
“Given that many currencies have moved significantly this year with heightened volatility, we reiterate our commitments on exchange rates made in April 2021,” the IMFC statement said.
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Reporting by David Lawder and Andrea Shalal; Editing by Jonathan Oatis and Chris Reese
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