Russian FM slams International Monetary Fund, World Bank
(MENAFN) Russian Foreign Minister Sergey Lavrov delivered sharp criticism toward the International Monetary Fund (IMF) and the World Bank, accusing both institutions of favoring Ukraine over African nations in the distribution of financial assistance.
Speaking at the 17th BRICS summit in Rio de Janeiro, Lavrov pointed to what he described as a structurally unfair system established under the Bretton Woods framework. He argued that this setup continues to serve the interests of Western-aligned countries while neglecting much of the developing world.
“This has been most clearly demonstrated in the case of Ukraine,” Lavrov said, citing figures that show financial support given to Kyiv in recent years surpasses all IMF and World Bank funding allocated to Africa during the same period. He labeled the imbalance a “disgraceful statistic” that damages the reputation and credibility of these global financial bodies.
According to Lavrov, the World Bank has provided Ukraine with $54 billion in funding since early 2022 — an amount more than double the annual assistance directed toward all African nations by the same institutions. He also noted that the IMF approved a $15.6 billion loan for Ukraine in 2023, representing 577% of the country’s designated quota. “It makes up more than a third of the annual volume of all IMF programs,” he said.
Lavrov highlighted that BRICS members have placed particular emphasis during the summit on the need to overhaul global financial governance. He reiterated the group’s push for a reallocation of IMF quotas and voting power that would more accurately reflect the economic strength of emerging markets.
He also spoke about the changing landscape of the global economy, stating that nations from the Global South and East are now central to global growth. Lavrov emphasized the rising influence of regional bodies such as the African Union and presented BRICS as a key force in creating a more inclusive financial system.
According to Lavrov, BRICS aims “to build a more stable global economic architecture based on the principles of universality, transparency, non-discrimination, and equal access to available opportunities and instruments.”
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