Connect with us

World

Russia Seeks Indivisible Working Relationship With IMF

Published

on

russia IMF

By Kestér Kenn Klomegâh

After several years of mounting fierce criticisms over the operations and performance of the International Monetary Fund [IMF] and consistently advocating for its structural reforms, Russia has reversed its position to get back into and strengthen its position with this multilateral financial organization. With the current geopolitical shift which is reshaping the world’s economic architecture, Russia has been [re]prioritising its association by a fresh announcement over an appointment of a representative with the IMF.

In February 2024, the International Monetary Fund [IMF] endorsed Russia’s macroeconomic programmes, further describing them as admirable steps, and primarily with pivotal development initiatives which is integral to its broader strategy for transforming an ambitious modern economy. In fact, IMF director Kristalina Georgieva upgraded the forecast for Russia’s growth. Reports have also indicated that Russia was on the right path to achieve more and maintain its 4th position in the rankings. The IMF doubled its forecast for Russian growth in 2024, boosting its prediction from 1.1% to 2.6% in January. And that marks the biggest jump for the former Soviet republic, Russia.

On the other hand, Russian economic conditions are starting to look more and more like the country’s 20th-century predecessor, where high production levels clashed with weak demand. “That is pretty much what the Soviet Union used to look like,” Kristalina Ivanova Georgieva-Kinova, a Bulgarian economist serving as the 12th managing director of the International Monetary Fund since 2019, said at the World Governments Summit in Dubai. “High level of production, low level of consumption. I think that the Russian economy is [in] for very tough times, because of the outflow of people and because of the reduced access to technology that comes with the sanctions.”

Recognizing the importance of multinationals, in late September 2024, Prime Minister Mikhail Mishustin, by signing an executive order, instructed Finance Minister Anton Siluanov, who is International Monetary Fund Governor for the Russian Federation, to nominate Ksenia Yudaeva for election as Russia’s Executive Director at the IMF. Without a doubt, the sanctioned former central banker will now become Russia’s IMF representative.

Local Russian media reported that Yudaeva, a former Central Bank of Russia’s first deputy governor, could become Russia’s Executive Director at the IMF. It further said Alexei Mozhin had been Russia’s permanent representative at the IMF since the 1990s. Back in 1991, when Yegor Gaidar led the government, he headed a new department for liaison with international financial organizations, and he became Russia’s Executive Director at the IMF in 1996. Data shows that Russia joined the IMF on June 1, 1992.

Mozhin has served as the Dean of the IMF Executive Board since 2014 as the Fund’s oldest active member. This status carries with it certain functions, for example, the Dean makes announcements on behalf of the board on the selection and appointment of the IMF Managing Director. The IMF Board of Governors suspended the role of Dean in March 2022, in connection with the events in Ukraine.

In a related development in establishing a working relationship between Russia and the IMF, the September 2024 media briefing of the IMF report indicated that Article IV Consultations with Russia would resume in line with the obligations and would hold bilateral discussions with the Russian authorities. This would include meeting with some different stakeholders to discuss the country’s economic developments, prospects, and policies.

During the upcoming visit to Russia, there are arrangements to meet with Ksenia Yudaeva, the next Executive Director from Russia in the IMF. “Actually, in the case of Russia, since the invasion of Ukraine in 2022, the economic situation has been exceptionally unsettled, which has made it difficult to anchor Article IV Consultations, especially thinking about the outlook and policy frameworks for both the near- and the medium-term.  Now that the economic situation is more settled, Article IV Consultations with Russia are resuming, in line with the obligations of both the Fund and the member country,” Julie Kozack, Director of the Communications Department, IMF, told the media briefing on September 12, 2024.

Quite a bit in the past time, Russia has made an irreversible decision to suspend its membership and future participation in a number of multinational organizations and institutions, and highly disparaging them instead of mutually cooperating on needed reforms within the context of the emerging multipolar system. With the dominance of the United States and its concept of democracy, Russia has also spearheaded the formation of anti-western antagonistic tendencies and trends across the world. The world is largely now drawn into either creating an interactive, fairer multipolar world or the group against Western hegemony.

Reports monitored by this author indicated that Russia has already exited, following the historic fall of the Soviet era, from international organizations and multinational institutions. It has urged many leaders in Latin America, Asia and Africa to vehemently oppose conservative Western-style rules-based order and hegemony. Remarkable, during these past few years, many countries from these regions have increasingly shown diverse interests in joining BRICS+ (Brazil, Russia, India, China and South Africa), an informal association with a virtual secretariat, attempting to institutionalize South-South cooperation and taking radical steps entirely working towards improving the situation in the Global South.

BRICS+ established its New Development Bank in 2015, as an alternative to the IMF and the World Bank. Its primary aim is to compete with these multinational financial institutions, offer interest-free loans and invest heavily in developing countries. At the 6th BRICS summit in July 2014, the BRICS members (Brazil, Russia, India, China, and South Africa) announced the BRICS Contingent Reserve Arrangement (CRA) with an initial size of $100 billion, a framework to provide liquidity through currency swaps in response to actual or potential short-term balance-of-payments pressures. It has yet to measure or assess the visible impact it has made since its establishment in 2015.

The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members’ economies. The recurrent challenge has been to promote and implement a policy that reduces the frequency of crises among emerging market countries, especially middle-income countries which are vulnerable to massive capital outflows. It supported Russia during the 1998 Russian financial crisis, from spreading and threatening the entire global financial and currency system. According to official reports, four emerging market countries (Brazil, China, India, and Russia) are among the ten largest members of the IMF. Other top 10 members are the United States, Japan, Germany, France, the United Kingdom and Italy.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

African Visual Art is Distinguished by Colour Expression, Dynamic Form—Kalalb

Published

on

Natali Kalalb Art Gallery, Moscow

By Kestér Kenn Klomegâh

In this insightful interview, Natali Kalalb, founder of NAtali KAlalb Art Gallery, discusses her practical experiences of handling Africa’s contemporary arts, her professional journey into the creative industry and entrepreneurship, and also strategies of building cultural partnership as a foundation for Russian-African bilateral relations. Here are the interview excerpts:

Given your experience working with Africa, particularly in promoting contemporary art, how would you assess its impact on Russian-African relations?

Interestingly, my professional journey in Africa began with the work “Afroprima.” It depicted a dark-skinned ballerina, combining African dance and the Russian academic ballet tradition. This painting became a symbol of cultural synthesis—not opposition, but dialogue.

Contemporary African art is rapidly strengthening its place in the world. By 2017, the market was growing so rapidly that Sotheby launched its first separate African auction, bringing together 100 lots from 60 artists from 14 foreign countries, including Algeria, Ghana, Mali, Nigeria, Senegal, and others. That same year during the Autumn season, Louis Vuitton Foundation in Paris hosted a major exhibition dedicated to African art. According to Artnet, sales of contemporary African artists reached $40 million by 2021, a 434% increase in just two years. Today, Sotheby holds African auctions twice a year, and in October 2023, they raised $2.8 million.

In Russia, this process manifests itself through cultural dialogue: exhibitions, studios, and educational initiatives create a space of trust and mutual respect, shaping the understanding of contemporary African art at the local level.

Do you think geopolitical changes are affecting your professional work? What prompted you to create an African art studio?

The international context certainly influences cultural processes. However, my decision to work with African themes was not situational. I was drawn to the expressiveness of African visual language—colour, rhythm, and plastic energy. This theme is practically not represented systematically and professionally in the Russian art scene.

The creation of the studio was a step toward establishing a sustainable platform for cultural exchange and artistic dialogue, where the works of African artists are perceived as a full-fledged part of the global cultural process, rather than an exotic one.

To what extent does African art influence Russian perceptions?

Contemporary African art is gradually changing the perception of the continent. While previously viewed superficially or stereotypically, today viewers are confronted with the depth of artistic expression and the intellectual and aesthetic level of contemporary artists.

Portraits are particularly impactful: they allow us to see not just an abstract image of a “continent,” but a concrete personality, character, and inner dignity. Global market growth data and regular auctions create additional trust in African contemporary art and contribute to its perception as a mature and valuable movement.

Does African art reflect lifestyle and fashion? How does it differ from Russian art?

African art, in my opinion, is at its peak in everyday culture—textiles, ornamentation, bodily movement, rhythm. It interacts organically with fashion, music, interior design, and the urban environment. The Russian artistic tradition is historically more academic and philosophical. African visual art is distinguished by greater colour expression and dynamic form. Nevertheless, both cultures are united by a profound symbolic and spiritual component.

What feedback do you receive on social media?

Audience reactions are generally constructive and engaging. Viewers ask questions about cultural codes, symbolism, and the choice of subjects. The digital environment allows for a diversity of opinions, but a conscious interest and a willingness to engage in cultural dialogue are emerging.

What are the key challenges and achievements of recent years?

Key challenges:

  • Limited expert base on African contemporary art in Russia;
  • Need for systematic educational outreach;
  • Overcoming the perception of African art as exclusively decorative or ethnic.

Key achievements:

  • Building a sustainable audience;
  • Implementing exhibition and studio projects;
  • Strengthening professional cultural interaction and trust in African

contemporary art as a serious artistic movement.

What are your future prospects in the context of cultural diplomacy?

Looking forward, I see the development of joint exhibitions, educational programs, and creative residencies. Cultural diplomacy is a long-term process based on respect and professionalism. If an artistic image is capable of uniting different cultural traditions in a single visual space, it becomes a tool for mutual understanding.

Continue Reading

World

Ukraine Reveals Identities of Nigerians Killed Fighting for Russia

Published

on

russia ukraine war

By Adedapo Adesanya

The Ukrainian Defence Intelligence (UDI) has identified two Nigerian men, Mr Hamzat Kazeem Kolawole and Mr Mbah Stephen Udoka, allegedly killed while fighting as Russian mercenaries in the war between the two countries ongoing since February 2022.

The development comes after Russia denied knowledge of Nigerians being recruited to fight on the frontlines.

Earlier this week, the Russian Ambassador to Nigeria, Mr Andrey Podyolyshev, said in Abuja that he was not aware of any government-backed programme to recruit Nigerians to fight in the war in Ukraine.

He said if at all such activity existed, it is not connected with the Russian state.

However, in a statement on Thursday, the Ukrainian Defence released photographs of Nigerians killed while defending Russia.

“In the Luhansk region, military intelligence operatives discovered the bodies of two citizens of the Federal Republic of Nigeria — Hamzat Kazeen Kolawole (03.04.1983) and Mbah Stephen Udoka (07.01.1988),” the statement read.

According to the statement, both men served in the 423rd Guards Motor Rifle Regiment (military unit 91701) of the 4th Guards Kantemirovskaya Tank Division of the armed forces of the Russian Federation.

UDI said that they signed contracts with the Russian Army in the second half of 2025 – the deceased Mr Kolawole on August 29 and Mr Udoka on September 28.

“Udoka received no training whatsoever — just five days later, on October 3, he was assigned to the unit and sent to the temporarily occupied territories of Ukraine,” the report read.

It added that no training records for Mr Kolawole have been preserved; however, it is highly likely that he also received no military training, but his wife and three children remain in Nigeria.

Both Nigerians, the report added, were killed in late November during an attempt to storm Ukrainian positions in the Luhansk region.

“They never engaged in a firefight — the mercenaries were eliminated by a drone strike,” UDI stated, warning foreign citizens against travelling to the Russian Federation or taking up any work on the territory of the “aggressor state”.

“A trip to Russia is a real risk of being forced into a suicide assault unit and, ultimately, rotting in Ukrainian soil,” the statement read.

In an investigation earlier this month, CNN reported that hundreds of African men have been enticed to fight for Russia in Ukraine with the promise of civilian jobs and high salaries. However, the media organisation uncovered that they are being deceived or sent to the front lines with little combat training.

CNN said it reviewed hundreds of chats on messaging apps, military contracts, visas, flights and hotel bookings, as well as gathering first-hand accounts from African fighters in Ukraine, to understand just how Russia entices African men to bolster its ranks.

Continue Reading

World

Today’s Generation of Entrepreneurs Value Flexibility, Autonomy—McNeal-Weary

Published

on

Tonya McNeal-Weary Today's Generation of Entrepreneurs

By Kestér Kenn Klomegâh

The Young African Leaders Initiative (YALI) is the United States’ signature step to invest in the next generation of African leaders. Since its establishment in 2010 by Obama administration, YALI has offered diverse opportunities, including academic training in leadership, governance skills, organizational development and entrepreneurship, and has connected with thousands of young leaders across Africa. This United States’ policy collaboration benefits both America and Africa by creating stronger partnerships, enhancing mutual prosperity, and ensuring a more stable environment.

In our conversation, Tonya McNeal-Weary, Managing Director at IBS Global Consulting, Inc., Global Headquarters in Detroit, Michigan, has endeavored to discuss, thoroughly, today’s generation of entrepreneurs and also building partnerships as a foundation for driving positive change and innovation in the global marketplace. Here are the excerpts of her conversation:

How would you describe today’s generation of entrepreneurs?

I would describe today’s generation of entrepreneurs as having a digital-first mindset and a fundamental belief that business success and social impact can coexist. Unlike the entrepreneurs before them, they’ve grown up with the internet as a given, enabling them to build global businesses from their laptops and think beyond geographic constraints from day one. They value flexibility and autonomy, often rejecting traditional corporate ladders in favor of building something meaningful on their own terms, even if it means embracing uncertainty and financial risk that previous generations might have avoided.

And those representing the Young African Leaders Initiative, who attended your webinar presentation late January 2026?

The entrepreneurs representing the Young African Leaders Initiative are redefining entrepreneurship on the continent by leveraging their unique perspectives, cultural heritage, and experiences. Their ability to innovate within local contexts while connecting to global opportunities exemplifies how the new wave of entrepreneurs is not confined by geography or conventional expectations.

What were the main issues that formed your ‘lecture’ with them, Young African Leaders Initiative?

The main issues that formed my lecture for the Young African Leaders Initiative were driven by understanding the importance of building successful partnerships when expanding into the United States or any foreign market. During my lecture, I emphasized that forming strategic alliances can help entrepreneurs navigate unfamiliar business environments, access new resources, and foster long-term growth. By understanding how to establish strong and effective partnerships, emerging leaders can position their businesses for sustainable success in global markets. I also discussed the critical factors that contribute to successful partnerships, such as establishing clear communication channels, aligning on shared goals, and cultivating trust between all parties involved. Entrepreneurs must be proactive in seeking out partners who complement their strengths and fill gaps in expertise or resources. It is equally important to conduct thorough due diligence to ensure that potential collaborators share similar values and ethical standards. Ultimately, the seminar aimed to empower YALI entrepreneurs with practical insights and actionable strategies for forging meaningful connections across borders. Building successful partnerships is not only a pathway to business growth but also a foundation for driving positive change and innovation in the global marketplace.

What makes a ‘leader’ today, particularly, in the context of the emerging global business architecture?

In my opinion, a leader in today’s emerging global business architecture must navigate complexity and ambiguity with a fundamentally different skill set than what was previously required. Where traditional leadership emphasized command-and-control and singular vision, contemporary leaders succeed through adaptive thinking and collaborative influence across decentralized networks. Furthermore, emotional intelligence has evolved from a soft skill to a strategic imperative. Today, the effective modern leader must possess deep cross-cultural intelligence, understanding that global business is no longer about exporting one model worldwide but about genuinely integrating diverse perspectives and adapting to local contexts while maintaining coherent values.

Does multinational culture play in its (leadership) formation?

I believe multinational culture plays a profound and arguably essential role in forming the kind of leadership required in today’s global business environment. Leaders who have lived, worked, or deeply engaged across multiple cultural contexts develop a cognitive flexibility that’s difficult to replicate through reading or training alone. More importantly, multinational exposure tends to dismantle the unconscious certainty that one’s own way of doing things is inherently “normal” or “best.” Leaders shaped in multicultural environments often develop a productive discomfort with absolutes; they become more adept at asking questions, seeking input, and recognizing blind spots. This humility and curiosity become strategic assets when building global teams, entering new markets, or navigating geopolitical complexity. However, it’s worth noting that multinational experience alone doesn’t automatically create great leaders. What matters is the depth and quality of cross-cultural engagement, not just the passport stamps. The formation of global leadership is less about where someone has been and more about whether they’ve developed the capacity to see beyond their own cultural lens and genuinely value differences as a source of insight rather than merely tolerating them as an obstacle to overcome.

In the context of heightening geopolitical situation, and with Africa, what would you say, in terms of, people-to-people interaction?

People-to-people interaction is critically important in the African business context, particularly as geopolitical competition intensifies on the continent. In this crowded and often transactional landscape, the depth and authenticity of human relationships can determine whether a business venture succeeds or fails. I spoke on this during my presentation. When business leaders take the time for face-to-face meetings, invest in understanding local priorities rather than imposing external agendas, and build relationships beyond the immediate transaction, they signal a different kind of partnership. The heightened geopolitical situation actually makes this human dimension more vital, not less. As competition increases and narratives clash about whose model of development is best, the businesses and nations that succeed in Africa will likely be those that invest in relationships characterized by reciprocity, respect, and long-term commitment rather than those pursuing quick wins.

How important is it for creating public perception and approach to today’s business?

Interaction between individuals is crucial for shaping public perception, as it influences views in ways that formal communications cannot. We live in a society where word-of-mouth, community networks, and social trust areincredibly important. As a result, a business leader’s behavior in personal interactions, their respect for local customs, their willingness to listen, and their follow-through on commitments have a far-reaching impact that extends well beyond the immediate meeting. The geopolitical dimension amplifies this importance because African nations now have choices. They’re no longer dependent on any single partner and can compare approaches to business.

From the above discussions, how would you describe global business in relation to Africa? Is it directed at creating diverse import dependency?

While it would be too simplistic to say global business is uniformly directed at creating import dependency, the structural patterns that have emerged often produce exactly that outcome, whether by design or as a consequence of how global capital seeks returns. Global financial institutions and trade agreements have historically encouraged African nations to focus on their “comparative advantages” in primary commodities rather than industrial development. The critical question is whether global business can engage with Africa in ways that build productive capacity, transfer technology, develop local talent, and enable countries to manufacture for themselves and for export—or whether the economic incentives and power irregularities make this structurally unlikely without deliberate policy intervention.

Continue Reading

Trending