The governor of the Bank of England, Andrew Bailey, participated in a protest walkout during an International Monetary Fund (IMF) meeting in Bangkok. The protest was against the presence of Russia's finance minister, Anton Siluanov, who addressed the group in Russian. Bailey joined finance leaders from France, Germany, and several Scandinavian and Baltic countries in leaving the session.
The president of the German Bundesbank, Joachim Nagel, noted that nearly half of the delegates took part in the joint departure. A European diplomat emphasized the significance of the protest, stating, 'The Ukraine war is existential for us in Europe. We cannot normalise relations with Russia.' The walkout was acknowledged by the chair of the IMF’s steering committee, Saudi finance minister Mohammed al-Jadaan.
Al-Jadaan highlighted that the meeting achieved its objectives despite the protest, with all members agreeing to a chair statement. The IMF meeting discussed the global economy's resilience amid the Russia-Ukraine war and other geopolitical tensions. Al-Jadaan warned against complacency, noting that escalating conflicts and trade tensions could disrupt critical trade routes and exacerbate commodity price pressures.
The meeting also addressed public debt levels and high bond market rates. A statement from al-Jadaan after the IMF meeting emphasized that while the global economy has weathered recent shocks better than expected, resilience cannot be taken for granted. The US supported Russia’s presence at the meeting, despite concerns from European countries.