Lavrov criticizes IMF, World Bank for favoring Ukraine over Africa
(MENAFN) Russian Foreign Minister Sergey Lavrov has sharply criticized the International Monetary Fund (IMF) and the World Bank for what he described as a grossly unequal distribution of financial aid, claiming Ukraine has received more support than all of Africa combined in recent years.
Speaking at the 17th BRICS summit in Rio de Janeiro, Lavrov argued that the global financial system—rooted in the Bretton Woods institutions—remains heavily skewed in favor of Western-aligned countries, leaving developing nations at a disadvantage.
He cited data showing that since early 2022, the World Bank has committed $54 billion in aid to Ukraine—double the total yearly funding allocated to all African countries by these institutions. Lavrov called this an “outrageous statistic” that undermines the institutions’ credibility.
Lavrov also noted that in 2023, the IMF approved a $15.6 billion loan to Ukraine, representing 577% of its quota and making up over a third of the IMF’s annual program volume.
The Russian diplomat stressed that BRICS members are prioritizing reforms to global financial governance, advocating for a fairer distribution of IMF quotas and voting power that better reflects the growing economic influence of emerging markets.
Lavrov pointed to the increasing role of countries in the Global South and East as new engines of global growth and praised regional organizations like the African Union for their rising influence. He described BRICS as a central player in creating a more balanced global economic system—one built on equality, transparency, and fair access to financial resources.
The BRICS group, founded in 2009, currently includes Brazil, Russia, India, China, South Africa, Egypt, the UAE, Ethiopia, Indonesia, and Iran. In early 2025, new partners joined the bloc, including Bolivia, Belarus, Kazakhstan, Malaysia, Thailand, Uganda, Uzbekistan, and Vietnam.
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