'Stop the war in Ukraine, it's weighing heavily on economy': IMF tells Russia

The International Monetary Fund (IMF) on Friday (October 14) asked Russia, in no uncertain terms, to stop the war in Ukraine.

"Stop the war... Wouldn't you be thinking that this is a more straightforward way to get the world economy in better shape?" IMF chief Kristalina Georgieva asked at the Friday press briefing.

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The IMF drew attention to the fact that Russia's war in Ukraine has been the "single most important element" that has caused slowing of global economic growth. The comment from Nadia Calvino, chair of a key IMF committee came as finance ministers and central bankers gathered in Washington for the IMF and World Bank annual meetings, which focused on the war, soaring inflation and the climate crisis.

Calvino said that there was a "very strong call" for Russia to stop the war. She is chair of the International Monetary and Financial Committee and also Spain's economy minister.

"The war is the single most important element slowing down growth and generating inflation, volatility, energy and food insecurity and uncertainty," she told a press conference, describing peace as a key economic policy tool.

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Russia is involved in the committee. It failed to reach agreement on communique as Russia blocked a consensus. Calvino hence issued a chair's statement that recognized that the pandemic and Ukraine war were "weighing heavily on economic activity".

IMF has said this week that more than a third of the global economy is headed for contraction either this year or the next.

(With inputs from agencies)

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