Russian Federation and the IMF
Camdessus Says Russia's 1995 Economic Program Will
Stabilize Economy and Accelerate Structural Reform
Michel Camdessus, Managing Director of the International Monetary
Fund said after today's IMF Executive Board decision to approve a
US$6.8 billion stand-by credit for Russia in support of its 1995
economic program that "this is a strong program, which, if fully
implemented, will achieve macroeconomic stabilization and accelerate
structural reform in Russia.
"I am convinced that there is a strong commitment and sense of
urgency in Moscow to implement the program successfully. I was
personally assured of this by President Yeltsin and Prime Minister
Chernomyrdin during my recent visit to Russia.
"Given the strength of the program, and the strong commitment to
it by the Government, I believe Russia is close to a turning point in
resolving its economic difficulties. I warmly welcome the support of
the international community, through the Executive Board's decision,
to provide the substantial IMF financial support that this program
deserves," Camdessus said.
IMF EXTERNAL RELATIONS DEPARTMENT