News Briefs

Russian Federation and the IMF

News Brief No. 98/14
May 26, 1998
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

IMF Management Welcomes Russian Fiscal Measures, Hopes to Conclude Program Assessment in Next Few Days

Alassane D. Ouattara, the Acting Managing Director of the International Monetary Fund (IMF), said today:

"The IMF welcomes the package of fiscal measures announced by the Russian Government, which constitutes encouraging progress toward addressing the fiscal situation. Together with the progress being made on structural reform and the firm monetary stance of the Central Bank of Russia, a resolution of the fiscal problem should encourage a revival of growth while assuring a continuation of low inflation and exchange rate stability.

"On the basis of these policies, the IMF staff is working closely with the Russian authorities in attempting to finalize the 1998 program under the existing Extended Fund Facility for Russia. The IMF Management hopes to conclude its assessment of the 1998 program in the next few days. To expedite this process, Mr. John Odling-Smee, Director of the European II Department of the IMF, will be arriving in Moscow on Thursday, May 28."


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