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.