For IMF committee, war in Ukraine is an obstacle to economic growth – News

This Friday (14) the vice president of the Spanish government and chairman of one of the main committees of the International Monetary Fund (IMF), Nadia Calviño, said that the Russian invasion of Ukraine is an important factor in the economic slowdown and in the world instability. .

“War is the most important element that slows growth and generates inflation, volatility, uncertainty, energy and food insecurity,” Calviño said during a press conference before the annual meetings of the IMF and the World Bank in Washington. The committee chair considers peace to be a key economic policy tool.

Calviño chairs the IMFC Committee charged with advising the IMF on monetary and financial issues, which Russia is also a member of. The committee was unable to reach a final communiqué after the meeting due to lack of consensus.

Despite the lack of consensus, the committee chair published a statement in which she says that the pandemic and the war in Ukraine weigh “heavily on economic activity”.

This Thursday (13), finance ministers and central bank governors met at the G20 in Washington, but could not agree on a final communiqué because of disagreements with Russia.

This is already the third time that the Finance G20 has failed to reach a final press release.

“Stop the war. Is there a more direct way to get the economy back on track?” asked IMF Managing Director Kristalina Georgieva, also present at last Friday’s press conference.

The financial institution of Washington revised downwards, last Tuesday (11), the forecasts about global growth for the next year. The review also predicts a recession in Germany and Italy.

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