Protest letter sent to fund’s head over move to send staff to Moscow for first review since invasion of Ukraine
After visiting Moscow, IMF officials will publish an assessment of the Russian economy and give recommendations about issues such as the climate crisis.After visiting Moscow, IMF officials will publish an assessment of the Russian economy and give recommendations about issues such as the climate crisis.
“We would like to express our strong dissatisfaction with such IMF plans,” the finance ministers of Lithuania, Latvia, Estonia, Finland, Sweden, Iceland, Denmark, Norway and Poland said in a letter to the IMF managing director, Tim Ash, a Russia analyst at the foreign affairs thinktank Chatham House, said in a blogpost: “Clearly while Article IV reviews are about surveillance they are also about providing policy advice to countries as to where they are going wrong and trying to provide advice as how to improve their economic outturns.
Consumer spending is believed to have fallen by as much as 10% but there is little reliable data to make an assessment. Russia’s trade with many countries is also disguised to avoid sanctions, hindering efforts to assess how much foreign income Moscow has accumulated. He said the Kremlin was publishing trade figures that showed low income from oil produced in the Urals, even though the price of Russian oil has remained “quite elevated”. It meant the current account, which measures the net effect of trade and financial flows, would potentially disguise the size of Russia’s war chest.
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