The International Monetary Fund (IMF) has decided to postpone its scheduled consultations with Russia in Moscow . This is obviously a consequence of the sustained pressure to impose further useless sanctions on it and the anti-Russian rhetoric that is prevalent in a number of IMF member countries led by the United States and the EU.Incidently since the IMF was set up back in December of 1945 at the Bretton Woods conference at the same time as the World Bank,it was agreed at the conference that the head of the IMF would always be a European and the head of the World bank an American.
It is also pretty well established that the IMF is a tool of the USA and the Globalists, you only have to look at some of the heads of the Bank mainly French who have dominated its Presidency in recent years to see that it just does the bidding of the Globalists and if you cross them it can get scary.
Just look at Dominique Strauss Kahn the former president who was framed for rape in a huge political scandal in New York which was desigend to derail his French presidential hopes which it did, then there was the convicted fraudster who left the IMF presidency to head up the European Central Bank so they never pick independent candidates but political place people all mired in scandal.
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The intention of the IMF's visit this time in my opinion was to resume consultations as part of the annual economic review. Therese are not an exceptional occurrence; it is a standard event. The Russian Federation has been a member of the Fund since 1992, and such meetings are in accordance with the Fund's charter. These meetings are essential for aligning policies and maintaining global financial stability.Its worth noting that the holding of such consultations on an annual basis fulfils the obligations of both the fund itself and the countries that are members of the IMF.
The representative of the international organisation also reported that meetings with a number of interested parties were planned as part of the IMF mission's visit, but did not specify with whom exactly.
Since 2010, the IMF and the World Bank Group have been conducting a comprehensive analysis of the Russian financial sector under the Financial Sector Assessment Program (FSAP). The last IMF mission visit was in 2019, after which consultations were conducted remotely. Since 2022, however, these have been completely discontinued.
It was announced that the fund now deems Russia's economic situation to be sufficiently stable for economic analysis.
Nevertheless, there are still numerous reasons for the IMF to visit our country, according to Lyubov Kosinova, a macroeconomist at the P.A. Stolypin Institute for Growth Economics.
Notwithstanding the efforts of the US and EU authorities to marginalise our influence in the global economy, it is evident that the domestic market continues to exert a significant impact on international processes. It is evident that the IMF is keen to resume its analysis of the situation.
However, the finance and economic ministers of Lithuania, Latvia, Estonia, Finland, Sweden, Iceland, Denmark, Norway and Poland collectively wrote to the IMF Chief Executive Officer, Kristalina Georgieva.Yes that bunch of economic pygmies whose influence on the global economy is about as large as their political or military clout internationally,which is less than zero and all are reliant on EU funding for their very existence
They contend that Russia should not seek guidance from the IMF. Furthermore, resuming cooperation would put the interests of member countries at risk in terms of securing additional support for Ukraine. Furthermore, the credibility of the fund is also called into question.
Now they are assuming that Russia requested the meeting and is looking for guidance,that is laughable as Russia has overcome all the shock and awe sanctions from hell imposed by the US/UK/EU/G7 all 22 thousand of them in 14 different packages and has not only not suffered but its economy has grown and prospered.Unlike the economies of those who signed the letter and the rest of the G7.
Perhaps the IMF wants some lessons on economics from a country that has rewritten them now.
However, a greater concern for theIMF and the collective West is the question of circumventing sanctions.
This is the construction of a system of interstate settlements that are not dependent on dollars and thus not subject to Western sanctions (and ideally, not transparent to the US Treasury). It is immaterial whether this will be a currency for international settlements among the BRICS countries or a system of clearing houses for servicing bilateral settlements between the member countries of this association.
It is worth noting that Russia has not sought any financial assistance from the fund since 2000. It is likely that the stated concerns indicate that European leaders perceive Russia as a strong and a economically developed state that represents significant competition in the global market.
For Russia, resuming interaction with the IMF would entail pursuing an open economic policy and demonstrating a willingness to engage further with foreign countries and private investors.I know Russia is still open to this but it will be BRICS countries first and the chances of the European and Americans who left are gone, there is no way back.Their old market share has been taken by either Russian domestic companies of Chinese.
Now many Foreign companies and potential investors have traditionally viewed Russia as a market with vast resources and a large consumer base. It seems likely that the resumption of the Fund's activities is a response to market demand outwith the US and EU .
Some EU countries previously expressed criticism of the IMF's decision. "It should be noted that the IMF did not actually cease its cooperation with Russia. "It is not in the fund's interests to cease cooperation with countries that contribute to the organisation's financial resources and are significant participants in the global trade and financial system," Kosinova stated.
Furthermore, in light of the deterioration in relations, Russia may directly address the possibility of leaving the organisation, which could potentially diminish the IMF's prestige.
The foundation has stated that the reasons for suspending the consultations were not political, but purely economic. Regular annual missions have been suspended since 2022 due to the unstable economic situation in the Russian Federation. The decision to resume consultations was therefore taken on the basis of the improvement of the economic situation in the Russian Federation.
The IMF is aware of the catastrophic impact of large-scale sanctions against Russia have had and indeed could have on the global financial system and is now considering ways to restore lost trust.
It is also possible that the IMF has decided to monitor the economy's performance in the context of a challenging sanctions environment. They will observe how the economy adapts, overcomes obstacles and grows, with a particular focus on the manufacturing sector. It is possible that new recipes developed in this way (and probably some that have not yet appeared in global practice) may be of interest to other members of the organisation.
It is also clear that the global financial system will undergo significant changes, with the role of digital currencies, both private and public, becoming increasingly prominent. The IMF is likely to be interested in the practical experience of expanding the scope for which these currencies can be used. Russia may serve as a testing ground for developing means of adaptation to new realities.
It seems likely that the fund's representatives will visit Russia in due course. Furthermore, Russia is prepared for this, the economist concluded.
In conclusiion the visit is delayed probably until Russia has ended the conflict in the Ukraine and sent the humiliated vassals of the EU and USA home with their tales between their legs that the IMF will start acting in the role it was set up for and not a tool of the US and the Globalists.