IMF Rebuilding Relations with Russia Makes 9 European Countries Furious

BUDAPEST – Nine European countries protested the International Monetary Fund’s plan ( IMF ) who want to continue the mission to Russia . The global lender’s desire to rebuild ties with Russia has been said to be damaging to the IMF’s reputation, as it continues dialogue with a country that has invaded another country.

After Moscow’s invasion of Ukraine In February 2022, the IMF suspended its annual consultations with Russia. But on September 2, IMF Russia’s executive director, Aleksei Mozhin, told Reuters that the IMF would resume online consultations on September 16.

Then continued with the IMF delegation visiting Moscow to hold meetings with Russian officials until October 1, 2024.

“We would like to express our dissatisfaction with the IMF’s plans,” the finance ministers of Lithuania, Latvia, Estonia, Finland, Sweden, Iceland, Denmark, Norway and Poland said in a letter to IMF chief Kristalina Georgieva.

Georgieva, who is scheduled to attend a meeting of European Union finance ministers and central bankers in Budapest, is likely to be bombarded with questions about the IMF’s plans.

“What recommendations does the IMF want to give to Russia at the end of the consultations? How to run a war economy better?” a senior euro zone official was quoted as saying by Reuters.

In a joint letter, the nine European finance ministers said that as an aggressor, Russia should not benefit from IMF advice. The letter also noted that if the IMF went ahead with its plan, it would reduce donor countries’ willingness to support Ukraine through IMF initiatives, as it would also undermine trust in the IMF.

“Donors can choose other institutions such as the World Bank or the European Bank for Reconstruction and Development,” the senior official said.