The International Monetary Fund has become nothing more than a tool in the hands of Western governments and NATO, Russia’s outgoing representative at the organization claimed on Friday. Aleksey Mozhin, however, noted that the entity could still serve a useful purpose, if only it stuck to its own charter.
Established back 1944 and currently comprised of 190 nations, the IMF professes to work toward achieving “sustainable growth and prosperity for” its members. According to its website, it does so by “furthering international monetary cooperation, [and] encouraging the expansion of trade and economic growth.”
Speaking to RIA Novosti, Mozhin alleged that the “fund has turned into a financial appendage of NATO [as well as] a conduit and a tool for Western countries’ foreign policy.” He went on to cite supposed “discrimination” directed at “a lot of member states,” without specifying any.
According to the outgoing Russian representative, the IMF “has become completely unfair in its assessment and analysis.” Mozhin suggested that there is a huge question mark hanging over the entity’s future.
However, despite its perceived shortcomings at present, a body such as the IMF would still have a place in a new world order, provided that it “pays attention to and cares for the state of the entire global economy.”
Back in March 2022, soon after the Ukraine conflict escalated, the IMF's executive board axed the ceremonial role of “dean”, which was held by Mozhin. The honorary title reserved for the longest-serving member was abolished amid pressure from the US, UK and Canada, the Financial Times reported at the time.
Speaking during a meeting of top BRICS finance and central bank officials in Moscow last month, Russian Finance Minister Anton Siluanov stated that the “IMF and the World Bank are not performing their roles. They are not working in the interest of BRICS countries.”
According to the official, “it is necessary to form new conditions or even new institutions, similar to the Bretton Woods institutions, but within the framework of our community,” which would be free from Western political pressure.
Meanwhile, in late October, the IMF ranked Russia the world’s fourth-largest economy based on purchasing power parity (PPP), while also boosting its 2024 growth forecast.
The institution has also been less trigger-happy than some Western officials regarding plans to use Russia’s frozen central bank reserves. Speaking to RIA Novosti in June, IMF spokeswoman Julie Kozack warned that this could potentially “undermine the functioning of the international monetary system.”