IMF - body which is completely out of picture

IMF - body which is completely out of picture

Sberbank CEO Herman Gref, speaking at the International Organization of Supreme Audit Institutions (INTOSAI) Congress, described the International Monetary Fund (IMF) as the body which is completely out of the picture.

"I can say little about supreme audit institutions," he said, adding that international organizations like the IMF "have to die." "They are not capable of self-reflection, of self-reforms," TASS cited Gref as saying.

The International Monetary Fund, according to him, is a "body which is completely out of picture."

Gref also recommended other organizations not to become dependent on the IMF. "They have outdated schemes," which "will not do any good," he pointed out. This "concerns many other international organizations," the head of Sberbank concluded.

The chairman of the Board of the National Currency Association (NCA), Dmitry Piskulov, speaking to Vestnik Kavkaza, noted that many countries have long been complaining about the IMF. "Let me remind you that in the 90s, our Central Bank, following the IMF's instructions, reduced the money supply, after which many forms of surrogate money appeared," he said.

"In addition, the IMF often conditions its assistance by the need to carry out economic reforms of a certain type, democratization and so on, which does not always correspond to the aspirations of countries and their political structure," Dmitry Piskulov noted.

The expert emphasized that more efficient international financial organizations have been created. "Russia and other BRICS countries have already created their own analogue of the IMF, the Distributed Reserves Fund," the  chairman of the Board of the National Currency Association summed up.

Head of the State Duma’s Committee for Financial Markets Anatoly Aksakov, in turn, drew attention to the fact that the IMF is an instrument of influence of the United States and its satellites on world politics. "At the same time, the IMF is a bureaucratic system that exists for itself. All its recommendations and analytical reports do not really matter," he said.

Also, according to the expert, the IMF's assistance programs are ineffective. "Apparently, a very serious restructuring of this body, the IMF and the World Bank is necessary in order for this organization to take into account the interests of all countries," the expert emphasized.

In conclusion, the head of the State Duma’s Committee for Financial Markets noted that now the IMF’s activities are damaging the Russian economy. "The IMF supports sanctions against Russia. In addition, if previously the structure supported small business, now this activity has been reduced to zero," Anatoly Aksakov summed up.