Russia blocks IMF communiqué condemning invasion of Ukraine

This was stated by the Minister of Economy of Spain, Nadia Calvino, who spoke at a press conference on Friday, Ukrinform reports with reference to Reuters.

According to Calvino, the call for an end to the war was stronger than that voiced at the IMF and World Bank meetings in April because the conflict is causing food and energy insecurity, price hikes, and risks to financial stability.

"It is very clear for just on a human level, practical level, objective level -- Stop the war. Stop the war," IMF Managing Director Kristalina Georgieva said. "This is the most straightforward way to get the world economy in better shape. Stop the war."

Georgieva's sentiments were supported by U.S. Treasury Secretary Janet Yellen, who said at a separate press conference that, reflecting on economic measures in response, "it’s obvious what the most important is, and everyone agrees Russia should stop the war on Ukraine."

Russia's opposition to such calls prompted the IMF's steering committee to issue the chair's statement, Calvino said, adding that it reflected strong agreement on many economic issues.

In a joint statement made by IMF representatives due to Russia's refusal to support the communique, they called on central banks to strive for price stability, and to prioritize protection of vulnerable groups from higher living costs.

The IMF also called the war the single biggest factor fueling inflation and slowing the world economy.

As reported by Ukrinform, on Wednesday President Volodymyr Zelensky of Ukraine called on the international community to create a new format of financial support for Ukraine, similar to the one created in Ramstein for defense assistance.

He also noted that he discussed with the head of the IMF the need to create a permanent working group that would deal with issues of financial support to Ukraine and work promptly at the levels of international donors and countries participating in the assistance efforts.

International Monetary Fund Managing Director Kristalina Georgieva said that the IMF supports President Zelensky's initiative to create a permanent forum to provide economic and financial support to Ukraine.