IMF steering committee skips communique after Russia blocks war language

Russia's refusal to agree to strong language condemning its war in Ukraine prevented the steering committee of the International Monetary Fund from issuing a formal communique during its meeting this week, the chair of the committee said on Thursday.

Russia's refusal to agree to strong language condemning its war in Ukraine prevented the steering committee of the International Monetary Fund from issuing a formal communique during its meeting this week, the chair of the committee said on Thursday. "Russia's war against Ukraine has made it impossible to come to a consensus on a communique," Spanish Economy Minister Nadia Calvino told a news conference at the IMF and World Bank spring meetings in Washington.

Instead, Calvino read a statement summarizing the meeting of the steering committee. A divisive meeting of Group of 20 finance officials on Wednesday also did not result in a communique due to disagreement with Russia. The 24-member International Monetary and Financial Committee meets twice a year at the spring and fall meetings of the IMF and World Bank, and advises the IMF Board of Governors. While it has no formal decision-making powers, the IMFC's regular communiques provide strategic direction for the Fund's work.