For the first time in the 45 meetings of the International Monetary and Financial Committee (IMFC), during the April 2022 meeting, no agreement was presented between the member countries that would allow a statement to be issued. This was reported by Nadia Calviño, Minister of the Economy of Spain and President of the Committee.

At the conference of the IMFC, which is the highest advisory body of the International Monetary Fund (IMF) and includes representatives of the 190 member countries, Calviño explained that Russia’s warlike invasion of Ukraine divided the members and there were no enough votes to conclude with a statement. The same thing happened at the G20 meeting, where several members led by the United States, Canada and the European Union, left the room when the Russian representative was about to speak.

In the conference offered by the minister together with the managing director of the IMF, Kristalina Georgieva, Calviño stressed that international cooperation is more important than ever, especially in dark times.

According to the official, a large majority of the members remain united on substantial issues such as: working to make a world economy more resilient, sustainable and inclusive.

They supported the IMF’s role in providing contingent policy advice and further strengthening multilateral surveillance.

And he affirmed that they remain committed to reviewing the adequacy of quotas to conclude it on December 15, 2023. A task that will grant more resources to the IMF to respond to the needs of the members.

Declaration without unanimous agreement

The president of the IMFC insisted that the meeting had “virtual unanimity on substantial issues” and that the political differences have not extended to economic issues.

Calviño expressed, for example, that the position of the member countries is that concern about the impact of the war on the economy should go far beyond Russia and Ukraine, since there are many more neighboring countries that are receiving the direct impact of the events. . In addition, he noted that members were reminded that at all times, the IMF has to maintain its global reach and is not alone in supporting a few countries.

As read on the IMF page, the IMFC operates on consensus. So if a member does not approve the provisions, agreements cannot be reached even with the majority in favor.

So for the first time in 22 years, the members disclosed their position in the face of global economic and financial challenges, with a “Chairperson’s Statement” instead of a Communiqué of agreements.

Although no other country, except Russia, agrees with the war undertaken, several members of the IMF and the IMFC remain neutral in their position on the warlike invasion. These are China, India, Mexico, Argentina and South Africa.

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