The meeting of the World Bank Development Committee started on April 22 in Washington.
Representatives of the G7 countries and a number of other officials defiantly left the meeting of the Development Committee, which advises the governors of the World Bank and the International Monetary Fund (IMF), during the speech of the representative of Russia. The meeting is being held on Friday in Washington, sources familiar with the event told Reuters.
This demarche, undertaken by senior officials of the G7 countries in protest over Russia’s military invasion of Ukraine, followed a similar boycott of the Russian delegation at meetings of the Group of 20 major economies (G20) and the IMF steering committee earlier this week.
Russia’s refusal to agree to harsh expressions condemning the war in Ukraine prevented the International Monetary and Financial Committee from publishing an official communique on Thursday, and the same is likely to happen at Friday’s meeting of the Development Committee, the source said.
The Development Committee was established in 1974. Its meetings are convened twice a year as part of the spring and autumn sessions of the IMF and the World Bank to reach consensus on global development issues.
The Russian invasion of Ukraine and its large-scale impact on the global economy became the main topic of the spring meetings of the bank and the fund this year, as well as high-level meetings on the sidelines of the forum.
On Tuesday, the IMF lowered its global economic growth forecast by almost a full percentage point, noting that Russia’s war in Ukraine has spurred inflation, making it a “clear and real danger” for many countries.
The United States accuses Russia of committing war crimes in what Moscow calls a “special military operation.” Russia continues to deny these accusations.