IMF countries intensify calls to end the war.
Member countries of the International Monetary Fund almost unanimously called on Russia to end its aggression against Ukraine, calling the war the single biggest factor contributing to inflation and slowing the global economy. But the Minister of Economy of Spain, Nadia Calvino, said at a press conference that Russia again blocked the consensus on issuing a communique during the meeting of the International Monetary and Financial Committee, reports Reuters.
According to Calvino, the call for an end to the war was stronger than at the IMF and World Bank meetings in April because the war causes food and energy insecurity, rising prices and risks to financial stability. level, at the practical level, at the objective level – to stop the war. This is the easiest way to get the world economy in better shape. Stop the war,” said the head of the IMF, Kristalina Georgieva.
Georgieva's calls were echoed by US Treasury Secretary Janet Yellen.
“Obviously, the most important thing, and everyone agrees, is that Russia must stop its war against Ukraine,” Yellen said.
Russia's opposition to such calls forced the IMF's steering committee to release the chairman's statement, Calvino said, adding, that this reflects a strong consensus on many economic issues.
The statement urged countries' central banks to strive for price stability, while fiscal policy should prioritize protecting vulnerable populations from rising costs of living.
< p>“We will ensure the consistency of the overall monetary and fiscal position with due consideration of the additional role of structural policy in mitigating compromises,” the statement reads.
Earlier, the IMF warned that due to Russia's war in Ukraine, the world will begin to feel an economic recession from next year.
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Inflation, as well as the consequences of the war and the COVID-19 pandemic, will have a key impact on the development of world GDP.
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