Bank of England governor IMF walkout: Andrew Bailey joins protest over Russia
Bank of England governor Andrew Bailey joined an IMF walkout at an International Monetary Fund meeting in Bangkok, leaving a session as Russian finance minister Anton Siluanov began speaking, in a Bank of England governor IMF walkout alongside leaders from France, Germany and Scandinavian and Baltic countries.
Bank of England governor IMF walkout: Andrew Bailey joins protest over Russia
Who walked out and when
A Bank of England governor IMF walkout took place in Bangkok, as Andrew Bailey left the session together with finance leaders from France, Germany and a number of Scandinavian and Baltic countries when Siluanov addressed the group in Russian. The Bank of England confirmed that Bailey took part.
- The departure was a protest against Russian involvement in the meeting.
- German Bundesbank president Joachim Nagel said nearly half of all delegates took part in the joint departure when Siluanov started speaking.
Reactions around the hall
The walkout was acknowledged by the chair of the IMF's steering committee, the Saudi finance minister, Mohammed al-Jadaan. A European diplomat told Reuters that the Ukraine war was existential for Europe and that relations with Russia could not be normalised. Germany had warned against efforts to bring Russia back on to the international stage. The US treasury undersecretary Erin Browne told Reuters that Washington supported Russia's presence despite the concerns of European countries.
What the meeting agreed
Al-Jadaan said the members had come for a reason and had achieved it, pointing to the agreed chair statement. "We came here for a reason, and we achieved it. Look at this chair statement, it clearly says that all members agreed to the statement," he said. Siluanov attended a meeting of G20 finance ministers and central bankers this year.
Global economy message
The meeting heard that the global economy was showing remarkable resilience despite the war between Russia and Ukraine, and despite the issues around the strait of Hormuz caused by the US bombing campaign. Al-Jadaan added that there was no room for complacency, amid public debt levels and high bond market rates.
In a statement after the IMF meeting, he said the global economy had weathered the latest shocks better than expected, but that buffers had been eroded and resilience could not be taken for granted. He also warned that escalating conflicts and trade tensions could disrupt critical trade routes, exacerbate commodity price pressures including in refined energy products, and worsen energy and food security.
The global economy has weathered the latest in a series of shocks better than expected, but buffers have been eroded.
The walkout was acknowledged by al-Jadaan, who noted that all members had agreed to the meeting's chair statement.
