Russian Central Bank to participate in IMF Article IV consultations - Nabiullina

MOSCOW. Sept 13 (Interfax) - Central Bank Governor Elvira Nabiullina has confirmed the regulator's plans to participate in renewed consultations with the International Monetary Fund under Article IV of the fund's charter, namely the collection and discussion of the country's economic and financial information.

"We intend to hold such consultations. This is, if not to say routine, a permanent practice for all IMF members. Let me remind you that the IMF unites 190 countries. Therefore, yes, such consultations are planned," Nabiullina said at a briefing following a meeting of the board of directors on the key rate.

Bloomberg, citing sources, reported earlier that a number of EU countries intend to challenge the IMF leadership's decision to resume annual consultations with Russian economic authorities under Article IV of the Fund's charter, suspended after the start of the situation in Ukraine. Dissatisfaction with this step was expressed, in particular, by France, Belgium, Poland, and a number of Baltic and Northern European countries. The Lithuanian representative intends to raise this issue personally with the head of the IMF Kristalina Georgieva during a meeting with the participation of the finance ministers of the European countries in Budapest this Saturday, the agency's sources said. Lithuania also intends to send an official letter to Georgieva, which may be signed by several more EU countries.

The IMF explains the decision to resume consultations after a pause of more than two years by the fact that the regular assessment under Article IV is not an option, but a mutual obligation of the fund and its member countries, and is conducted in the interests of all members of the international organization.

The economic situation in the region is currently stable enough to resume consultations, the IMF considered. "We believe that we are now in a situation where we can provide analytics," the agency quoted the head of the European Department of the fund Alfred Kramer as saying.

The online discussions are planned to begin on September 16, and the visit of IMF employees to Russia for in-person consultations is scheduled for October 1.

In anticipation of the resumption of consultations, Russia changed its representative in the IMF for the first time. Ksenia Yudaeva, former first deputy governor of the Central Bank, was nominated for the position of executive director from Russia instead of Alexei Mozhin, dean of the fund's board. Regarding Yudaeva's nomination, Nabiullina noted that her candidacy had been agreed with the Bank of Russia. "All subsequent decisions must be implemented," she said.