EU countries plan to discuss with the head of the IMF the possible restoration of relations with Russia
Several European Union countries have expressed their intention to challenge the decision of the International Monetary Fund (IMF) to restore economic relations with Russia for the first time since its invasion of Ukraine.
As informs Bloomberg, during a meeting of EU envoys on September 11, countries such as France, Belgium, Poland, as well as the Baltic States and Northern European countries, expressed surprise at the IMF’s decision, which was adopted earlier in the month. This decision provides for the resumption of annual economic reviews with Russia, which caused a significant response.
The representative of Lithuania noted that the country intends to raise this issue directly during the meeting with the head of the IMF, Kristalina Georgieva, which will be held on September 13 in Budapest at a working lunch with the finance ministers of European countries. He also emphasized that the first mission of a major international organization to Russia after its invasion of Ukraine could be used by Moscow for propaganda purposes to show that its international isolation is weakening.
EU countries plan to send an official letter to Georgieva expressing their concern about this decision. It is expected that several members of the European Union will sign this document in order to prevent the normalization of relations with Russia through the initiatives of the IMF.
IMF mission and economic reviews
Earlier, the IMF announced that it was resuming annual economic reviews of Russia due to the stabilization of the economic situation in the region. These reviews, known as Article IV evaluations, are binding on the foundation and its members.
The head of the fund’s European department, Alfred Kammer, explained that at the moment there is an opportunity to provide an economic analysis of the situation in Russia. However, both the IMF and Russia refrained from commenting on who exactly initiated the restart of the economic reviews.
US Treasury Secretary Janet Yellen has previously stated that she has no objections to the resumption of reviews, but is categorically against providing Russia with financial support from the IMF. At the same time, the US Treasury refrained from further comments. Russia has not applied for financial assistance to the IMF since 2000.
According to the IMF, virtual discussions with the Russian authorities should begin on September 16, after which the fund’s representatives are scheduled to visit Russia for personal meetings on October 1. Meanwhile, the IMF tried to convince Moscow to hold these meetings on the territory of a third country.
