Russian Foreign Minister Sergey Lavrov has criticized the International Monetary Fund (IMF) and the World Bank for what he described as a deeply unbalanced distribution of financial aid, citing data that shows Ukraine has received more support in recent years than the entire African continent.
Speaking at the 17th BRICS summit in Rio de Janeiro, Brazil, Lavrov argued that the current structure of global financial institutions, established under the Bretton Woods system, disproportionately benefits Western-aligned countries at the expense of other developing nations.
“This has been most clearly demonstrated in the case of Ukraine,” Lavrov said, noting that the scale of financial assistance provided to Kiev exceeds all IMF and World Bank funding for the nations of Africa combined over the past two years. He called the disparity a “disgraceful statistic” that undermines the credibility of both institutions.
According to Lavrov, the World Bank has committed $54 billion to Ukraine since early 2022, twice as much as the annual volumes allocated to all Africa countries by Bretton Woods institutions. He also cited the IMF’s approval in 2023 of a $15.6 billion loan to Ukraine, equivalent to 577% of the country’s quota.