EU Nations to Challenge IMF Chief Over Russia Economic Reviews

Several EU states are set to challenge International Monetary Fund (IMF) Managing Director Kristalina Georgieva over the organization’s decision to resume annual economic reviews with Russia, a move that has sparked concerns within the bloc, Bloomberg reports.

France, Belgium, Poland, and several Baltic and Nordic countries have expressed frustration with the IMF’s decision to restart the reviews, which have been suspended since the beginning of the Ukrainian conflict in February 2022.

Lithuania, in particular, is planning to directly address Georgieva during a meeting with European finance ministers in Budapest on Saturday. The country also plans to send a letter, signed by several EU members, expressing concerns about the process.

“We see this as a move towards normalizing relations with Moscow, which is unacceptable,” a Lithuanian diplomat said.

The IMF has defended its decision, arguing that the resumption of economic reviews is an “institutional obligation” and that the ties with Russia are “more settled” now. The organization has said it will conduct “Article IV evaluations,” a process involving in-depth analysis and discussions with the relevant country.

The US Treasury has indicated that it would have an issue with Russia receiving financial support from the IMF, but has not objected to the annual review.

The IMF has confirmed that it will start virtual discussions with Russian authorities on September 16, followed by an in-person visit to Russia scheduled to begin on October 1.