What's happened
The IMF has indefinitely postponed its planned mission to Moscow to review the Russian economy, following backlash from European allies. The decision comes amid concerns that the visit could lend legitimacy to Russia post-invasion of Ukraine. The IMF aims to gather more data for a thorough analysis before proceeding.
Why it matters
What the papers say
According to Phillip Inman in The Guardian, the IMF's postponement was influenced by widespread condemnation from European allies, who expressed concerns about the reputational risks associated with engaging Russia. Inman notes that nine European countries sent a letter to IMF Managing Director Kristalina Georgieva, warning that the visit could be perceived as a normalization of relations with an aggressor.
Politico reported that the IMF initially defended the visit as a treaty obligation but ultimately acknowledged the backlash, stating that the mission's work would be postponed due to 'technical unreadiness.' This reflects a shift in the IMF's stance, as it seeks to balance its obligations with the political realities of the current geopolitical climate. The article emphasizes that the IMF's actions will be closely scrutinized by pro-Ukraine governments, who fear that any engagement with Russia could undermine their support efforts.
How we got here
The IMF had initially planned to send a delegation to Russia for its first economic review since the 2022 invasion of Ukraine. This move faced significant criticism from several European nations, who argued it would undermine the IMF's credibility and be exploited by the Kremlin for propaganda.
More on these topics
-
Ukraine is a country in Eastern Europe. It is the second-largest European country after Russia, which borders it to the east and northeast.
-
Kristalina Ivanova Georgieva-Kinova is a Bulgarian economist serving as Chairwoman and Managing Director of the International Monetary Fund since 2019.
-
Russia, or the Russian Federation, is a transcontinental country located in Eastern Europe and Northern Asia. Covering an area of 17,125,200 square kilometres, it is the largest country in the world by area, spanning more than one-eighth of the Earth's in
-
The European Union is a political and economic union of 27 member states that are located primarily in Europe. Its members have a combined area of 4,233,255.3 kmĀ² and an estimated total population of about 447 million.
-
Budapest is the capital and the most populous city of Hungary, and the ninth-largest city in the European Union by population within city limits. The city has an estimated population of 1,752,286 over a land area of about 525 square kilometres.
-
Lithuania, officially the Republic of Lithuania, is a country in the Baltic region of Europe. Lithuania is one of the Baltic states. The country is situated along the southeastern shore of the Baltic Sea, to the southeast of Sweden and Denmark.